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FIVE EXPLANATIONS FOR THE ENIGMA THAT IS VANCOUVER (p. 2)

1 | 2 | AUG 03

THE POOR B.C., HAPPY VANCOUVER THEORY

What happens when a higher-yielding crop variety is developed or a scientific breakthrough allows roof beams to be made from waste sawdust instead of towering trees? Why, prices drop and truckloads of money are diverted from rural-based producers of raw materials to urban-based consumers, shareholders and technocrats. Since the dawn of the Industrial Revolution, that's been a universal story; but nowhere has the transition been more dramatic than in British Columbia, which long maintained its status as Canada's most affluent province thanks to the exceptionally high wages in forestry, mining and fishing. All three industries have been devastated in recent years, so it's hardly surprising that the 49 percent of British Columbians who do not live in Greater Vancouver have grown much poorer. And it's not surprising either that the 51 percent of us who enjoy life in one of the world's more economically diverse cities have been insulated from the resource downturn, despite what figures for the province might suggest.

THE GONE-TO-POT THEORY

Residents of various B.C. communities have publicly claimed that virtually everyone around them is in the business of growing marijuana, and sober officials do not refute it. What kind of revenues might stem from this illicit industry? No one really knows, but recent estimates have varied from $2-billion to $8-billion a year. How much of this is reflected in GDP numbers? Very little of it. Add in the proceeds from other crimes – Vancouver is famous for its stock manipulators and boiler rooms – and it's not unreasonable to suggest that more of our economic activity goes unreported than anywhere else in Canada. Suddenly the mystery of how Vancouverites can afford to live so well is not that mysterious after all.

THE ENTREPÔT THEORY

Of course, Vancouver's apparent wealth can't be all pot smoke and cocaine mirrors. In a postmodern world, the real money is in marketing and distribution, and Vancouver happens to have one of the world's great seaports, along with an airport that's a major jumping off point to Asia. Moreover, many of our rich immigrants only seem to spend all their time on the links. Come evening, when the factory floors and stock markets come to life in Seoul and Hong Kong, they're at home working the phones and keyboards. Our condo towers and Tuscan villas seem to be overpopulated with merchant bankers, those mysterious intermediaries whose job is connecting people with money to invest with those in search of it. Vancouver may be home to neither of the dots, but when the deal is done, the points and half-points shaved off for the go-between land here just the same.

THE AMUSEMENT PARK FOR ADULTS THEORY

As I said, we have no idea what the story is with our next-door neighbours, but we assume they regard their home as a kind of summer cottage: so close to beaches and sailing, all those wonderful restaurants, winter sports and the great outdoors, some culture if you're looking for it and, always, that West Coast lifestyle. Give kids a chance to buy a place in Disneyland and they would; so it is with adults. It used to be other Canadians who made us their live-in fantasyland, but sadly, most Canucks can only afford to visit now. And just when the Asian invasion started to peter out, their place was filled by anxious Americans spending inflated U.S. dollars. Real estate agents say that about a quarter of the luxury condos going up downtown are currently being purchased by Americans, who regard them as weekend getaways, safe havens or, ultimately, retirement homes. When another friend went to sell his humble million-dollar home, two of three offers came from Americans. The successful bidder proved to be an economist from Seattle who didn't like the way things were shaping up in his country and was planning his retirement north of the border.

Other Canadians hearing of this sort of thing tend to shake their heads. As for poor Vancouver, just what does it imagine as its future economic engine – new frontiers in upmarket nursing-home development?

Admittedly, there are times when I worry. Then I remember that if wealthy older people are flocking here, they're doing it for a reason. And they're being joined by others who are younger and more venturesome – people like our neighbours, in fact. They made what we assumed was their annual vacation appearance several weeks ago and now seem to be here for good. So far, things are working out just fine. The landscaping is as tidy as ever, and the house looks great. And if they're putting a dent in the ska parties, that's okay too. [ ]

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1 | 2 | AUG 03