What happens when house prices keep going up and wages don’t keep up? Well, apparently you get young families shoved further and further out of the city:
“It’s getting to the point where you have to leave and find another job and maybe relocate,” she says. “I have friends who were lucky, they purchased three months ago and bought a home off the highway in Abbotsford for $475,000, and there’s no backyard. This is what it’s now become.”
Expensive housing is making it harder to find employees, not just in the office and restaurant business, but in the tech world as well:
“I just went through this. I asked a guy, ‘Would you come work for us?’ He lives in a $1-million house in Calgary and he’s a senior engineer. And he said, ‘there’s no way I’m moving there. I lived in Burnaby in the nineties, and I couldn’t buy that house again.’
“It totally shuts down the conversation. They say, ‘I know house prices. You guys can’t pay me enough.’”
Read the full article over at the Globe and Mail.