The value of property is determined in a number of formulations, there is the assessed value or tax value; the comparable value or the value of the property compared to recent sales in the area of comparable properties; but there is also market value which can be dependent upon other factors such as confidence in the location, employment trends and other environmental factors.
In Vancouver, unemployment runs well below the national average. Thriving, and stable job markets have been a strong factor in the pricing levels of Vancouver property remaining high, even in challenging economic conditions.
One of the major employers in Vancouver is the government. It is standard in Canada that 1 in 10 employees in the city work for the government; in Vancouver it is 1 in 4. There is some variation in this as administrations and government change, but across time this is a consistently strong employer for the area.
The financial industry has a strong presence in Vancouver. The Big Five Banks of Canada all have a presence here. The city is also the location for a number of bank’s world headquarters.
The Port of Vancouver allows for export and import industries to thrive and in terms of international commerce, Vancouver has a strong infrastructure. The Port of Vancouver is ranked one of the world’s best and employees nearly 70,000 people. The forestry and mining industries are strong employers both currently and historically in the area.
More than 1800 acres support the manufacturing and related industries in Vancouver. Making it a strong employer in traditional commerce and trade.
The film industry has been strongly employing more than 30,000 professionals in the production and filmmaking industries. The related film technology industry, which supports post-production, animation and special effects, is also a strong employer in the area. The software business and related technology is also growing in Vancouver. Most of the major software and technology companies have a presence in Vancouver including IBM, Microsoft, Intel and SAP.
The fuel cell and aviation industries are reliable employers in Vancouver as well. The strong area interest in sustainability and green make it a draw for new technologies and innovation.
Tourism, aided by the 2010 Olympic Games is big business in Vancouver. The city is culturally diverse with a mix of locals, natives of First Nations and immigrants to Canada. Vancouver has the cosmopolitan sophistication of an international city with a diversity of restaurants, culture and the arts.
The population of Vancouver is well educated with over 60% of city’s work force holding a university or college degree. Rated in 2008 as one of the world’s smartest cities, the well-educated work force makes it an attractive location for businesses and economic development.
Strong, stable economic conditions; coupled with high market value for property and good working conditions make Vancouver a good place to work. It is attractive to a young workforce as well as the more established senior level executives. If you are looking for a location where your property will be attractive to the workforce, it seems Vancouver works.