B.C.'s affordability problems are impelling brain drain

Dated: January 24 2019

Views: 102

B.C.'s affordability problems are impelling brain drain

B.C.

British Columbia’s best and brightest are packing up and leaving for more affordable housing destinations elsewhere in the country, market observers warned.

Andy Yan, director of the City Program at Simon Fraser University, said that while Vancouver magnetizes people who are just starting up – that is, those still studying and those in the earliest parts of their careers – the market doesn’t fare so well in holding these skilled professionals in place.

Vancouver’s outsized housing costs mean that even if these young professionals can have higher incomes, they would not be able to buy anything more expensive than modest condo units, Yan explained.

“In a world like that, the labour pool has options,” Yan told The Canadian Press. “It doesn’t become cool when you’re 37 and have a roommate.”

The cautionary statements definitely have a lot of grounding in reality: December data from Statistics Canada showed that while international migration pushed B.C.’s population to exceed the 5 million mark for the first time, the province also lost about 1,200 people in Q3 2018.

Read more: Canadian optimism flags further as 2019 starts

Finance Minister Carole James asserted that “there’s no question that Vancouver is facing a brain drain.”

“Crisis is not too strong a word to describe the challenges we are facing, not just in Vancouver, but other urban settings around our province.”

The Real Estate Board of Greater Vancouver’s report covering December indicated that the median price of a detached home stood at just over $1 million, while attached properties were at $809,700 and apartments at $664,100.

Blog author image

Steven Axford

Steve is a award winning Realtor in Victoria BC, with his listings selling 53.03% faster than average and for 1.01% MORE money. Growing up in Victoria, BC and has always been active in his community. ....

Latest Blog Posts

Victoria's $100 million Customs House luxury condominium project nears completion

Three years after touring Victoria’s Customs House mixed-use condominium and retail offering during its interior de-construction, Citified is honoured to be the first media

Read More

Three Things to Prioritize When Selling Your Home!

Just because it’s a “Sellers Market” it doesn’t mean you are guaranteed success no matter what. Check out our video below!3 Things to Prioritize When Selling Your?

Read More

Unwavering demand reinforces need to support supply of homes!

June 1, 2021 The Victoria market continued to show its strength through the month of May, with a near record setting pace for sales and ongoing record low inventory levels. A total of 1,049

Read More

Housing mania' sends affordability to 31-year low

The pandemic-driven surge in residential real estate demand has sent Canadian housing affordability spiraling to its worst level in more than three decades, according to a new report from RBC

Read More