Thanks to ‘exx’ for posting the link to this story – According to statscan the median income in BC has been steadily dropping despite the ‘boom’ we’re currently in. Younger Canadians in general are now earning much less than their parents did and paying a greater percentage of their income for housing.
New census data this morning shows the median income for full time workers in BC is a little over $42,000 a year, which is a drop of over 3% since 2000 and it’s down 11% since 1980 when you take inflation into account.
That’s surprising given BC’s higher than average employment growth. Statistics Canada says young people seem to be having a harder time finding full-time work after getting out of school, and those who do tend to make lower wages.
So more people are at work, but they’re earning less money at a time when housing, energy and food costs are spiraling out of control. How is this going to all work out and what effect will it have on future real estate prices in Vancouver?