The metroplitan region I live in is undergoing a major transformation. The combination of a cheap CAD$, stable economy, low interest rates, and increasing population has driven housing prices up, way up. Many foreign investors are snapping up houses in the west side of Vancouver. The sellers in Vancouver west migrate to Vancouver East, which pushes those people over to Burnaby, Richmond, Coquitlam, and Delta. As a result of this migration trend, housing prices also get pushed up in each region.
Once these sellers sell their detached homes, many of them will opt to move into multi-family, higher density developments like townhomes and condos. As a result, more and more townhomes and high-rises, and low-rises are being constructed all over the region. One side effect of this construction boom is that the apartment developments push out low income housing.
Chinatown is a prime example of this phenomenon. About 10 years ago, Chinatown was vibrant, active, and filled with busy shoppers. But now, it is slowly losing its vitality, becoming derelict, with no new shops opening to replace shops that have closed down due to moving or going out of business. At the same time, a few major condo developments are being constructed right in Chinatown, driven by people who can no longer afford the higher priced condos in the downtown area.
When I was a young lad, my parents would take us to Chinatown once a week to go shopping and eat dim sum. There were certain shops in Chinatown that we would always visit, as my parents liked certain ones for the vegetables, and certain ones for the meat. Sometimes my parents would buy some candy for us while we went shopping. I would jump for joy, and pick the Blackcurrant pastilles, which were my favourite (and still is). That was then, this is now. But nonetheless, my heart is saddened now when I look upon what is supposed to be the busiest street in Chinatown and find only a couple of people walking in it.
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