The region annually attracts about 40,000 new residents. In the Vancouver area, the basic average cost of housing is about $1.6 million. In East Vancouver, for this money, one can buy a modest two-story house, and in a more exclusive Western Vancouver — nothing, since prices here start at $3 million.
An increase in interest rates on mortgages over the past three quarters has exacerbated the availability of housing in the region.