When Korean immigrant Hye Jin Kyung moved to Coquitlam from Toronto last fall, she couldn’t bring herself to buy a home.

Certain that what goes up must come down, she decided to wait and watch. But prices defied gravity.

“I watched the market for a few months and I bought it in April,” she said. “I wanted the market to slow down, but it never did.”

Kyung and her family follow a rising migration trend that is expected to fuel the hottest housing market in Canada until at least the end of next year.

The improving economy is a magnet for migrants and can only help maintain the strong market, says Canada Mortgage and Housing Corp.

According to B.C. Stats, the province gained 7,417 people as a result of immigration and interprovincial migration in the first quarter of 2004, up 23 per cent over the first quarter of 2003.

After Ontario, B.C. remains the most popular destination for immigrants, with the bulk hailing from Asia, particularly China and India.

Young Jeon, a realtor with the Sutton Group who specializes in the Tri-Cities, said his clientele is now split 50-50 between locals and new immigrants.

The average B.C. home is forecast to cost $288,000 this year compared with $259,968 last year. By 2005, the average B.C. home is expected to reach $305,000.

© The Vancouver Province 2004