B.C. Real Estate Association chief economist Cameron Muir spoke at the Canadata Construction Industry Forecasts Conference, held in Vancouver on October 23, 2014.
Muir gave an overview on the B.C. economy and explained its ramifications to the real estate market in the Lower Mainland and beyond.
Despite fears of foreign ownership driving up housing prices in Vancouver, Muir said that phenomenon is not nearly as prevalent as reported in the media.
Muir also downplayed talk of a Vancouver housing bubble, and said data on the condominium market does not reflect a bubble.
However, the market is strong, which he said also corresponds on strong retail sales. It is also difficult, he said, to match demand with available housing stock.