Image: Flickr/Jasperdo

You can’t escape talk of real estate prices in Vancouver this year but despite the debate about what to do with foreign investors, empty properties, investor taxes, and a local’s entitlement to own property, the reality is Vancouver’s development and growth has deep ties to Asia (think railroads and waterways). It would be pretty tough to delete these roots that are very much a part of the history of the city.

Blame it on Expo 86
There have been some really interesting articles lately about Expo 86 and it’s 30 year anniversary. I have great memories of Expo 86 and my family’s mission to get every single pavilion stamp in our passports! (Side note: if you want to walk down memory lane, here is a great recap of Expo 86 with photos.)

The Fair brought my family together every weekend and several evenings after school and the truth is it brought the city of Vancouver closer together, literally with the skytrain. The Expo line became a catalyst to new real estate development In Vancouver and Burnaby. It contributed directly to densification of both cities and continues to lead to increased development in every area it touches.

Several of the articles also point to the purchase of the Expo lands by Li Ka-shing, a wealthy business man from Hong Kong as a catalyst for Asian investment in Vancouver. So blaming today’s real estate prices on Expo 86 makes sense, however the fact that we live in a desirable place that is land locked by natural barriers like oceans, rivers and mountains means that we will continue to see high prices, no matter the intervention.

We are living in a city with a short history in comparison to New York and San Francisco and by the way, their residents also complain about real estate prices and their newspapers report on how depressing and costly it is – especially rent because the majority of people can’t buy.

Food for Thought
Did you know that Vancouver is the largest port in North America, ahead of New York? Did you know Vancouver is a baby of 130 years old compared to New York’s 392 years in existence? I can only imagine what Vancouver will look like in 262 years, but one thing is for sure, there’s no end to its growth in sight.