For the most part, the economy of Vancouver can be considered as being strong and stable. There are a lot of factors that go into building Vancouver’s economy.
One of the biggest sectors that the economy relies on in Vancouver is the international trade. One of the reasons that make this so viable is because it is a major gateway for Pacific trade and it is the largest Port to be found in Canada. It is a great job provider as the port in Vancouver alone is able to create more than 115,000 jobs. With it being such a viable job producer it boosts the Canadian tax intake to over $1.4 billion.
There are many forest product companies as well as mining companies that have made Vancouver home. This too adds to the economy’s strength. There are also many different types of international businesses and in the later years, many companies that are in the software development industry have chosen to open their doors for business here in Vancouver.
With technology growing in leaps and bounds not only in Canada but across the world then technology, in general, is an important sector of the economy of any city or province. Vancouver is known to have a lot of top quality universities, many of which focus on technology related courses and programs. This is a drawing factor for not only students across Canada but foreign students as well.
One of the downsides of Vancouver for those that have chosen to live and work here is the housing situation. Vancouver is known to be the most expensive city in Canada to purchase a home in. For those that are interested in buying a house in the Vancouver metro area, they may need over 1.5 million to be able to do so.