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

Dated: January 24 2019

Views: 66

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 Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

Latest Blog Posts

Victoria Real Estate Market continues to outperform in unpredictable times

October 1, 2020  A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more

Read More

Choosing Flooring: 6 Things You Need to Know

When it comes to choosing new flooring for your home or apartment, the options can be overwhelming. Almost every type of flooring has some sort of advantage over other kinds, and taking in all the

Read More

Consumer interest in homeownership in Victoria unwavering over course of pandemic

A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month

Read More

Understanding Canada’s Record Home Sales Last Month, And Why It’s Likely To Continue

Canada’s late Spring real estate market continues, but some of the pent-up demand has caught up. Canadian Real Estate Association (CREA) data show a new all-time record for August

Read More