To put $8.48 Billion into perspective, if we take 533,500 as the number of private "ground" dwellings in Vancouver from the 2011 Stats Canada Census, and multiply that by the average home price of $1.42 Million, we get a total market of $757,570,000,000 or $757 Billion. This number is for only Vancouver excluding the rest of the Fraser Valley and would not include condos or apartments.
Additional buying power of $8.48 Billion amounts to another 1.12% of the total market. Of course the number of $8.48 Billion is only taking into account the Provincial Nominee program immigrants and doesn't include the other 24,500 people immigrating to BC. Coming up next we will look at the change in the average income level of Vancouver and Toronto residents to see what impact they may have on these markets.