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In 2016, Vancouver was home to 2.6 million people, making it the third largest metropolitan region in the country. Thanks to Canada's liberal immigration policies and the well-promoted liveability of the city, Vancouver's population and economy are growing rapidly. 20% of the city's households received an annual disposable income of over USD100,000 in 2016, compared to 14% in the rest of Canada. However, Vancouver is an expensive city, with house prices among the highest in the country.
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Vancouver's concentration of high value-added industries in business services elevates labour productivity. In 2016, its GVA per employee stood 8.7% above the rest of the country's average. Of all the major cities in Canada, labour productivity growth was the most pronounced in Vancouver over 2011-2016, increasing by 13% in real terms, compared to 3.3% growth in the rest of the country.
Higher labour productivity boosts households' disposable incomes, which in 2016 were 5.9% greater in Vancouver compared to the rest of the country. Lower unemployment than elsewhere in Canada also explains higher household disposable incomes in Vancouver.
Consumer expenditure per household (excluding housing and transport) was 0.1% lower in Vancouver than in the rest of Canada in 2016, as more expensive housing constrains spending on other items. Nonetheless, education received 82% more expenditure in the city compared to the rest of the country in 2016, while hotels and restaurants received 11% more.
In 2016, combined per household expenditure on housing and transport was 9.9% greater in Vancouver than in the rest of the country, making the city rather unaffordable given the lower disposable income premium in the metropolis (+5.9%). City unaffordability is chiefly driven by Vancouver featuring one of the most expensive property markets in Canada.
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