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Vancouver Weather | Weather in
Vancouver, BC | Weather Canada
Vancouver can be an
expensive city, with the highest housing prices in Canada.
Several 2006 studies rank Vancouver as having the least
affordable housing in Canada, ranking 13th least affordable
in the world, up from 15th in 2005. The city has adopted
various strategies to reduce housing costs, including
cooperative housing, legalized secondary suites, increased
density and smart growth.
A significant number of the city's
residents are affluent, a perception reinforced by the number of luxury
vehicles on city streets and cost of real estate. As of mid-2007, the
average two-storey home in Vancouver sells for $757,750, compared with
$467,742 in Toronto and $322,853 in Calgary, the next most expensive major
cities in Canada. More recently, real estate indexes have put the average
price of a Vancouver home at just under $700,000.
A major and ongoing downtown condominium construction boom began in the late
1990s, financed in large part by a huge flow of capital from Hong Kong
immigrants prior to the 1997 hand-over to China. High-rise residential
developments from this period now dominate the Yaletown and Coal Harbour
districts of the downtown peninsula, and also cluster around some of the
SkyTrain stations on the east side of the city.
The city has been selected to co-host the 2010 Winter Olympics, which is
influencing economic development. Concern has been expressed that
Vancouver's increasing homelessness problem may be exacerbated by the
Olympics because owners of single room occupancy hotels, which house many of
the city's lowest income residents, have begun converting their properties
in order to attract higher income residents and tourists. Another
significant international event, the 1986 World Exposition, was held in
Vancouver. It was the last World's Fair held in North America and was
considered a success, receiving 20,111,578 visits. Several Vancouver
landmarks date from that period, including the SkyTrain public transit
system, the Plaza of Nations, and Canada Place.
Vancouver Weather | Weather in
Vancouver, BC | Weather Canada