House prices continue to spiral upwards as more 25-44 year olds continue to leave the city. So who’s fault is it?
One recent study says blame politicians:
Given their policies, Ley’s paper questions how politicians, particularly B.C. Housing Minister Rich Coleman, found it possible to argue in 2015 that Vancouver housing prices were “pretty reasonable” and that foreign ownership of property had nothing to do with government.
“Yet it most certainly did, for governments had for 30 years led trade and investment missions to Asia, and had used the tool of business immigration to draw in entrepreneurs and their capital.”
The inflated housing prices that have resulted in large part from new East Asian wealth are especially devastating for young and middle-aged Metro Vancouverites, Ley said in a recent talk sponsored by City in Focus.
A study by SFU researcher Andy Yan found that Metro’s university-educated adults earn the lowest wages on average in Canada’s 10 largest cities, Ley said. Many are “disillusioned” and leaving the city.
Read the full article over at the Vancouver Sun.