Do we have what it takes to draw ‘top talent’?

There’s an article over at the Globe and Mail about the difficulty faced by Tech startups in Vancouver – apparently it can be a challenge to attract top talent.

Vancouver is awash in startups with several poised to go public, transforming British Columbia’s economy as they grow. But for Canada’s lifestyle capital to emerge as a world-class tech hub it needs to figure out how to persuade top executives to actually move there (because hey, Silicon Valley has mountains and ocean too)

Meanwhile there’s a local company called Telus that just lost a CEO because he didn’t want to live in Western Canada.

Can you believe that? Not wanting to live in BC?!

Boggles the mind.

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auto sales
Guest
auto sales

Used car sales in the toilet this summer..even with zero percent finance. People are pulling out the austerity mindset as the writing is all over the walls. Storms a brewing

paulb
Member

New Listings 263
Price Changes 74
Sold Listings 194
TI:12392

http://www.paulboenisch.com

Shlomo
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Shlomo
Right now, only first-time buyers working in STEM can buy (with or without parental help). People in lower middle class jobs are priced out of detached, but a STEM couple, two engineers/scientists/etc… pulling in 100K each can pay the monthly nut on a 1+ mil detached. It’s not easy but doable. This story is heartening. Once the big boys like Amazon, Salesforce, Microsoft, SAP pack up and leave, the game’s up for tech. Please, no Hootsuite, it’s a joke compared to the big league. However, the reality is that these companies are not going anywhere, but are, if anything, expanding because of the low dollar and non-unionized workforce that feels compelled to work 80 hr weeks because they need to pay for their crackshack somehow. However, the article is on the money with the need for “top talent”. Right now,… Read more »
VMD
Member

China devalues yuan by 2% to boost flagging economy

China has devalued its currency to boost flagging exports in a move that risks deepening the global currency war.

After recent data showing falling exports and a stalling manufacturing sector, the central bank said on Tuesday that it was allowing the yuan to weaken by nearly 2% in the hope of making China’s exports cheaper and pushing down borrowing costs.

YearOut
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YearOut

I guess I fall into the STEM category. Instead of taking on the debt the gf and I are taking a year out to travel then once we have finished we are going to decide where to live…..if it was just my decision we would already be planning to live elsewhere.

Vancouvers most redeeming facet is the proximity to the mountains/outdoor space. We don’t need to be debt slaves to enjoy that in many other parts of Canada/world.

Stan
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Stan

Rising consumer debt is a sign of confidence in the economy, with little evidence to suggest it’s reaching a crisis point, Canadian Prime Minister Stephen Harper said.

Harper Says Canada’s Consumer Debt Shows Confidence Not Crisis

http://www.bloomberg.com/news/articles/2015-07-29/harper-says-canada-s-consumer-debt-shows-confidence-not-crisis

w
Guest
w

“Can you believe that? Not wanting to live in BC?!

Boggles the mind.”

Doesn’t matter. The only thing that matters is that the Chinese want to come here.

People in Beijing know more about Vancouver than the typical Torontonian.

southseacompany
Member
southseacompany

“Homeowners ‘must prepare now for an interest rate rise'”, BBC News

http://www.bbc.com/news/business-33786528

“Borrowers must prepare now for a rise in interest rates, a charity says, with over a million homeowners never having experienced a Bank rate increase.”

“Mark Carney, the Bank of England governor, last week said that a rise in the Bank Rate was “drawing closer”.”

southseacompany
Member
southseacompany

“Greenspan Issues Warning to Bond Investors Before Fed Moves”, Bloomberg

http://www.bloomberg.com/news/articles/2015-08-11/greenspan-issues-warning-to-bond-investors-before-fed-moves

“Alan Greenspan has a warning for bond investors as the U.S. central bank prepares to raise its benchmark interest rate from close to zero.”

““We have a pending bond market bubble,” the former Federal Reserve chairman said Monday in an interview with Bloomberg. “What ultimately will determine where it goes is to reach back and to ask ourselves where is the normal interest rate?””

““When the Fed finally acts, we think rising rates will put pressure on bonds,” Bob Doll, a senior portfolio manager at Nuveen investments Inc. in Chicago, wrote in a report Monday. “Investors need to be on the lookout for the possibility of a sharp rise in bond yields.” “

Lurker
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Lurker

>Once the big boys like Amazon, Salesforce, Microsoft, SAP pack up and leave, the game’s up for tech

I work for one of them. We’re making 10 year plans. We’re here to stay, trust me.

2%
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2%

Vancouver real estate will now cost an extra 2 percent for the CNY buyer’s

herd heard
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herd heard

DINK dual income no kid’s. …I know many couples pulling in 200k plus combined and they all are in debt constantly fighting about $$$…some people are just born dumb with $$$…the worst are lawyer s doctors educated types….wealthy of useless knowledge and street smart broke

patriotz
Member

@10: “We’re making 10 year plans. We’re here to stay, trust me.”

Sure, you’ll never run out of junior people willing to work for 1/2 (in USD) what you are paying in the US, or TFW’s who have nowhere else to go in the short term. Just have to plan for the turnover.

Vancouver – the high tech Tijuana.

fanaticallybroke
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fanaticallybroke

The dollar is being whacked.

i doubt that pathetic Poloz can cut again:

1) It would be seen as a way to directly help his master Harper get re-elected.
2) It could spark an all out currency crisis. Think 5 cent drop in a day.

the market has finally tied the idiots hands.

LS in Arbutus
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LS in Arbutus
Honestly what does it really matter (to housing) if they cut rates again? There is simply only so much debt a person or family can take on. I find it incredible how easily people will buy in this market. A 10% drop in price on a $500,000 place is $50,000, let alone 20% – 50%. People are going to freak out incredibly when this happens. There seems to be a fair amount of talent in Vancouver. Either because the job market is so tiny or because it’s a preferred place to live. As a result, people are willing to get paid less for the privilege of living here. Vancouver is an incredibly small market and not that competitive. If you are specialized, there’s not likely more than a couple of places to work. As you get more senior, there is… Read more »
southseacompany
Member
southseacompany
“‘Hardly A Hint Of Recession’ In Canada’s Housing Market, BMO Says As Housing Starts Drop”, Huffington Post http://www.huffingtonpost.ca/2015/08/11/cmhc-slowdown-in-national-seasonal-rate-of-new-home-construction-in-july_n_7970822.html “Canada may be in the midst of a “technical recession,” as economists like to call it (we won’t know for sure until StatsCan’s GDP release in September), but the housing market is showing no signs of it, the Bank of Montreal said in a note Tuesday.” “But overall, bank economists seemed relieved that the oil price collapse hasn’t pulled down the housing market more than it has, at least so far.” “But some of the more bearish economists say the trouble for Canada’s housing market is yet to come.” “David Madani of Capital Economics continues to predict “a potentially severe market correction” due to overbuilding. Although housing starts right now are in line with demand, “the number of housing units under construction… Read more »
franko
Member
franko

@14

” I doubt that pathetic Poloz can cut again ”

With today’s China devaluation, I wouldn’t be too sure about that as the CAD has to compete with those low currencies in other troubled countries. And the probable September hike by Yellen that could have saved Poloz from further cuts may also be pushed farther down the road by the surprise China devaluation.

Bo Xilai
Member
Bo Xilai

I love how bank economists talk about “technical recessions”, as if there is a difference between a “real” one and a “technical” one.

Imagine a woman’s OBGYN coming to examination room and saying Rachel, “I have your lab results, you’re just “Technically” pregnant”.

elvince
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elvince
I’m one of those talent that Vancouver can’t draw. I have a computer engineering degree. I worked at MSFT (in redmond) for a couple years, then I came back home on the east coast when my father got cancer. Took a job in the defense industry. The pay is good (about the same as MSFT), projects are fun. Then another defense contractor based in Vancouver (I won’t name it, but it’s got 3 letters, starts with an M, ends with an A, and got a D in the middle) tried to hire me. The pay they offered was laughable. I actually told the HR lady that “when you’re trying to poach someone and make him move a whole continent away, you can’t offer him a 40% paycut and less vacation”. She said it was in line with the salary offered… Read more »
bullwhip29
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bullwhip29

@ #14

harper and co will doll out as many goodies as possible pre-election. count on it.

the chinese govt could care less what the BoC does. poloz isnt even on their radar. the moves they made overnight (not to mention the last few wks) indicate that things are more dire than advertised. this is all bearish news for the cdn economy. janet yellen has her hands tied behind her back now. the next big domino to fall will be the US mkts. only then can the fed fire up the printing press again without looking like complete fools. bottomline is that we’re gonna take it in every orifice for the foreseeable future. even the mexicans are eating our lunch now…

Mister Obvious
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Mister Obvious

@3 Shlomo

“… a STEM couple, two engineers/scientists/etc… pulling in 100K each can pay the monthly nut on a 1+ mil detached. It’s not easy but doable.”
—————————-

It’s doable but it’s extremely foolish when that income allows you to rent an excellent place for half the monthly nut with zero risk.

I’d like think engineers and scientists would have the necessary numeracy to figure that out and seek better ways to build wealth.

Royce McCutcheon
Member
Royce McCutcheon
My household is double STEM. We are both high earners here but could do better elsewhere. We rent, save, and are poised to exit (though not rushing as our current set-up is good). One of us is already portable, the other will be in demand elsewhere. Here is my observation on recruitment: nearly every single high-end STEM employee that I have seen return here has local ties. Their (or their partner’s) family is based here, and/or they did training here at an earlier career stage. These are intelligent, hard-working people, so I’m not going to run them down. But it is pretty damning to me that nearly every attempt I’ve seen to hire people without any local ties has failed utterly. On top of this, even those with local ties appear to be a harder sell now, and those who… Read more »
History
Guest
History

So Engineers and Scientists are the New Bullshit jobs, joining Snivel Servant, Real Tards, Health Care and Bank Tards. Double bulkshit if your sacred computer keyboard creates financial~monetary inflation… well by good godamn then, we’ll see you dont at the pub, drinks are On You.

Royce McCutcheon
Member
Royce McCutcheon

@23: What?

franko
Member
franko

@20

” we’re gonna take it in every orifice for the foreseeable future ”

Yup, no doubt about it. We’re doomed. Hellfire and locusts will descend upon us.

But wait, Mulc will come charging in to sleigh the dragon with jobs for all in Ottawa at minimum wage, and Justin will ease our pain with free pot.

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