Prior to the 2008 Walll Street crash, BC's economy was performing very well but then Alberta's economy took off and started attracting workers from all over the country who were attracted to high paying jobs.
From 2011-2013 an average of 51,000 people left BC for other privinces, mainly Alberta, while only 47,000 relocated to BC, reduciing our population growth by 0.1%.
Population growth is, of course, a primary driver of the housing market. People go where there's jobs and people with jobs buy real estate.
However, the trend appears to be reversing, as of the first quarter of 2014 and population growth is trending higher.
BCREA is forecasting that BC's population growth will pick up speed this year and next, resulting in our labour market competing with Alberta. An increase in population will result in stronger housing demand.
Contact Maggie if you'd like a specific stat or graph for your Vancouver neighbourhood or condo building.