Chart via Kevin at saskatoonhousingbubble, who also points out “The long term average of the Canadian labor force employed in construction is just under 6%. Right now it is over 7%. … BC is in absolute crazy land with almost 9% of the working population employed in construction.” [Thanks Kevin.]
More misallocation of resources.
Sheds light on why the Provincial Government would want to keep this going.
After the housing mania ends, by the next price trough, about 40% of those construction jobs will have evaporated. Possibly 50%.
(Aside, for TA lunatics: Failed double-top.)
– vreaa
Vancouver Real Estate Anecdote Archive 
This explains the number of contractors running around Victoria in the biggest pickup truck they could find on the dealer’s lot,probably financed with a heloc on one of their spec houses!
Peter ->
You have independently discovered the previously described ‘pickup truck index’.
See: “What is Vancouver’s economy really based upon? For the answer, check out my newly devised ‘pickup truck index’.”
Prices go flat, “investment” (speculation) stops, building stops, pay checks stop, HELOCs stop, consumption stops.
BC politicians, what is your plan now?
There is no plan, just look at the provincial budget.
And what would you have them do. I’m sure they would love to have the problem of having too many industries all vying over the same pie but that’s not the case. The only lobby that is infiltrating decisions is the one that has the most money. If there were an auto industry things would be a bit more tricky.
The government is elected by British Columbians; their tack should come as no surprise.