As many of you know, I live on Vancouver Island. So I wanted to talk about Vancouver Island today. A recent story from The Province: http://theprovince.com/news/local-news/lower-mainlanders-moving-to-central-vancouver-island-en-masse/wcm/83cac87d-ff93-477a-bb3b-b3ec89adbf9b talked about how people are cashing out of the lower mainland and buying on Vancouver Island. They are buying homes for half the price, and the homes are actually upgrades from what they were selling. Now I have already talked about Vancouver in a previous video: https://youtu.be/Rk8AOIYDF4o
So what are the differences between Vancouver and Vancouver Island?
1) The weather. The weather for the middle of the island down on the east coast is pretty much the same as Vancouver. The North and West sides of the island are a bit different. Bit more wet and cold.
2) Scenery. Very much the same. I would probably give the edge to Vancouver Island here.
3) Things to do. It would depend on what you are interested in. If you like going out to restaurants and shows, Vancouver has the edge. If you are into outdoor activities I would give the island the edge.
4) Pace of life. This one is pretty obvious. It all depends on what you are into. In the Province article they point out how the slower pace is the thing that is the greatest benefit.
So let’s look at the future of these two places. As I have said in the past, when the bubble bursts I think the drops will radiate out from the major centers of Vancouver and Toronto. So Vancouver and Toronto will see the biggest drops and then you will see less and less impact the further you move out from there. That means that these people cashing out will still see drops in their property values, but not as much as if they had stayed in Vancouver.
As prices in Vancouver fall, and more specifically sales volume falls, less people will be able to cash out of the lower mainland. This will hit Vancouver Island prices hard.
Now let’s look further out from there. What I can potentially see happening is a balancing between Vancouver and Vancouver Island. I think because Vancouver Island has much of the same benefits as the city of Vancouver and it is half the price, I think it has more room to grow. Also it literally has more room to grow. Look at a map! https://youtu.be/KRNjeAAKbcs
Now people will argue that the island will never be Vancouver. I have said in previous videos, as technology progresses there will be less and less reason to live in the city in my opinion. Watch this video for my reasons: https://youtu.be/yWKRjoqV7X8 I talk about some crazy stuff like self driving cars, tv dinners, and windows that are made of TV’s. Amazing! I also mention in that video that the big cities will probably always have the most draw, and thus will always be more expensive. But I don’t think they will be 2 and 3 and 4 times more expensive as cities like Victoria, Nanaimo, and Courtenay in the future.
From my own experience, a trip to Vancouver is a quick ferry ride over. Spend a night there to see a concert maybe. Or even just a day trip. So that does put me at odds with some of the people who live in Vancouver as far as living preferences. I can get what I want out of Vancouver in a day trip. And those day trips might happen once a year if that. So why so you live in Vancouver and not Vancouver Island? Why is the city better for you than the island? What makes it worth 3 and 4 times more? Or if you are on the island, why is Vancouver Island better than the city? Leave it in the comments 🙂
Vancouver Island Real Estate – Living and Buying on the Island