The numbers don’t lie.
Professional workers are moving out of Vancouver and moving to other parts of Canada.
The city of Vancouver has become so unaffordable that many have no choice but to leave.
It seems Vancouver is enticing to younger generations earlier on in their careers or when getting an education, but the problem is keeping that talent here.
Leonard Catling, spokesperson for Canada Mortgage and Housing Corporation (CMHC) stated the reason for this shift has to do with people (aged 21 to 25) coming into Metro Vancouver to get an education but leaving as they get older.
Although BC’s population surpassed five million for the first time in history, in 2018 alone, Statistics Canada reported that nearly 21,000 British Columbians made the move to Alberta.
The problem is, there are few options for professionals living in Vancouver, even if they make a decent wage.
Housing in the Vancouver area remains unaffordable, which makes it especially hard if you have a family.
A survey by Insight West shows that 60 per cent of young people are considering moving away to an area where home ownership is less costly.
According to a report on the housing market from December, the Real Estate Board of Greater Vancouver estimated the average price of a detached home to be slightly above $1 million.
The report also says, the price of an apartment is about $664,100 and an attached home about $809,700.
In a 2018 study by Andy Yan, director of the City Program at Simon Fraser University, housing prices in Metro Vancouver remained the highest in Canada whereas the median household income was the lowest.
With Vancouver being the least affordable city in the country, it’s clear that many people are being pushed out.
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