section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  With its location on the Pacific Rim and at the western terminus of Canada's transcontinental highway and rail routes, Vancouver is one of the nation's largest industrial centres. Port Metro Vancouver, Canada's largest and most diversified port, does more than $172 billion in trade with over 160 different trading economies annually. Port activities generate $9.7 billion in gross domestic product and $20.3 billion in economic output. Vancouver is also the headquarters of forest product and mining companies. In recent years, Vancouver has become a centre for software development, biotechnology, aerospace, video game development, animation studios and television production and film industry. Vancouver hosts approximately 65 movies and 55 TV series annually and is the third largest film and TV production centre in North America, supporting 20,000 jobs. The city's strong focus on lifestyle and health culture also makes it a hub for many lifestyle brands with Lululemon, Arc'teryx, Kit and Ace, Mountain Equipment Co-op, Herschel Supply Co., Aritzia, Reigning Champ, and Nature's Path Foods all founded and headquartered in Vancouver. Vancouver was also the birthplace of 1-800-GOT-JUNK? and Western Canada 's largest online-only publication, Daily Hive.
  
  Conversely, since the onset of the global COVID-19 pandemic in 2020, multiple media organizations and economists have continued to warn of a severe long-term economic doom loop impending for Vancouver, similar to the decline noted in San Francisco, California.
  
  Vancouver's scenic location makes it a major tourist destination. Over 10.3 million people visited Vancouver in 2017. Annually, tourism contributes approximately $4.8 billion to the Metro Vancouver economy and supports over 70,000 jobs. Many visit to see the city's gardens, Stanley Park, Queen Elizabeth Park, VanDusen Botanical Garden and the mountains, ocean, forest and parklands which surround the city. Each year over a million people pass through Vancouver on cruise ship vacations, often bound for Alaska.
  
  Vancouver is the most stressed city in the spectrum of affordability of housing in Canada. In 2012, Vancouver was ranked by Demographia as the second-most unaffordable city in the world, rated as even more severely unaffordable in 2012 than in 2011. The city has adopted various strategies to reduce housing costs, including cooperative housing, legalized secondary suites, increased density and smart growth. As of April 2010, the average two-level home in Vancouver sold for a record high of $987,500, compared with the Canadian average of $365,141. A factor explaining the high property prices may be policies by the Canadian government which permit snow washing, which allows foreigners to buy property in Canada while shielding their identities from tax authorities, making real estate transactions an effective way to conduct money laundering.
  
  Since the 1990s, the development of high-rise condominiums in the downtown peninsula has been financed, in part, by an inflow of capital from Hong Kong immigrants due to the former colony's 1997 handover to China. Such development has clustered in the Yaletown and Coal Harbour districts and around many of the SkyTrain stations to the east of the downtown. The city's selection to co-host the 2010 Winter Olympics was also a major influence on economic development. Concern was expressed that Vancouver's increasing homelessness problem would be exacerbated by the Olympics because owners of single-room occupancy hotels, which house many of the city's lowest-income residents, converted their properties to attract higher-income residents and tourists. Another significant international event held in Vancouver, the 1986 World Exposition, received over 20 million visitors and added $3.7 billion to the Canadian economy. Some still-standing Vancouver landmarks, including the SkyTrain public transit system and Canada Place, were built as part of the exposition.