Housing bubble pushes out young tech workers

According to this article in the Financial Post Millennials are ‘fleeing Vancouver‘ and moving to cities where they can afford housing.

As housing costs have risen, so have the number of people in their twenties and thirties leaving the city. The net number of people age 18 to 24 added to Vancouver’s population was the lowest ever last year, at 884, and the number of 25-to-44-year-olds decreased by about 1,300, the biggest decline since 2007, according to Statistics Canada.

The tech industry is currently one of the key drivers of economic growth in the area, but they’re noticing the shift:

That driver of growth may evaporate as talent exits Vancouver, said Christine Duhaime, founder and executive director of the Digital Finance Institute, which supports Canada’s financial-technology industry. She’s having a tough time filling a 2,000-square-foot (186-square-meter) open-concept office for startups in Vancouver’s historic Gastown neighborhood she opened this year because potential tenants say they’re leaving the city for Victoria, Kelowna and as far away as London and Singapore.

“We’re banging our heads on the wall,” she said. “Why aren’t they staying? Because it’s too expensive. Vancouver is going to lose its tech edge.”

The nearest towns that seem to be benefiting from the exodus of young tech workers are Victoria and Kelowna. Read the full article over at the Financial Post.

Sort by:   newest | oldest | most voted
trackback

[…] prices continue to spiral upwards as more 25-44 year olds continue to leave the city. So who’s fault is […]

trackback

[…] –Ignorance not bliss? –Conrad Black, renter –Not a good renter –500 imaginary sq. feet –Fed keeps rate steady –How FTBs are doing it – […]

Best place on meth
Member
Best place on meth

Shaughnessey home sold yesterday for $22 million.

No word yet whether the buyer was a student, housewife or duck farmer.

Hyper-mega-Bull
Member
Hyper-mega-Bull

I saw the photo first, me in a bloody wash of red with “RACIST” pulsing over my face. A couple of clicks brought me to this:

“In the darkest shadow of Bloomberg’s glossy office building in Manhattan, you may find a woman by the name of Dune Lawrence—a ‘journalist’ who has built a career on writing salacious articles about China.”

http://www.bloomberg.com/features/2016-benjamin-wey/

OpenCourse
Guest
OpenCourse

Communist China exports cheap inferior goods and breathing garbage. Thank God VSE is defunct, or else the damage would be far greater committed by these shrimps washed ashore our coastline.
http://www.bcsc.bc.ca/ViewDocument.aspx?DocNum=X7Z4E6F2H7L6H7R6R6F4J7M5G7J3
http://www.bcsc.bc.ca/ViewDocument.aspx?DocNum=O7P4J6X4M7BAU7M6K6VDX7YBN7F3

Hyper-mega-Bull
Member
Hyper-mega-Bull

the sinosphere is expanding

Chinese airline launches non-stop flights between Calgary and Beijing

http://calgaryherald.com/business/local-business/chinese-airline-to-launch-direct-flight-between-calgary-and-beijing

southseacompany
Member
southseacompany

“When it comes to Canada’s housing market, ignorance is not bliss”, Globe & Mail

http://www.theglobeandmail.com/opinion/editorials/when-it-comes-to-canadas-housing-market-ignorance-is-not-bliss/article29253336/

“Australia was quick to blame foreign investors for a property bubble, apparently with no more evidence than Canada has. There, foreigners can buy only new homes or land for new development. Real-estate bubbles still happen.”

Ulsterman
Member

What a crazy world we live in. This UK article states that 2/3 of young families are priced out of…no, not the buying market but the RENTAL MARKET. If that doesn’t warrant a bloody eat-the-rich revolution what will?

priced out

GreenSalad
Guest
GreenSalad

It’s a mix of planning/building and monetary/lending policies. Stuff that government is supposed to be good at.

paulb
Member

New
339
Sold
224
TI:8240

http://www.paulboenisch.com

dsee
Guest
dsee
space889
Member
space889

Well what do you expect when this practice is being led by famous US Celebrities and Chinese are all lemmings right?

http://www.parents.com/parenting/celebrity-parents/moms-dads/placentas/#page=1

And why are the pills imported to South Korea if it is Chinese people who are consuming them??

Interesting
Guest
Interesting
Another renter: Conrad Black will stay as tenant, Toronto property sold as a lease-back 13:22 EST Tuesday, Mar 15, 2016 Print this article Email this article space Advertisement space Hide advertisment TORONTO — Conrad Black will continue living in his Toronto mansion after selling the property last week for an undisclosed price. Adam Daifallah, a spokesman for Black, says the former media mogul plans to stay in the house as a tenant. “The Blacks have sold their home with a lease-back, with the possibility of a buy-back,” Daifallah wrote in an e-mail. “No further public comment will be made.” Last week, the auction house managing the sale announced that an offer had been made on the 23,000 square-foot property in Toronto’s tony Bridle Path neighbourhood. On its website, Concierge Auctions had valued the nine-bedroom, 11-bathroom home at $21.8-million. When word… Read more »
space889
Member
space889

Are you ready for Sharia Law? Get ready, cuz it’s 300K refugees this year, and increasing amount in future years.

https://ca.finance.yahoo.com/video/mccallum-not-higher-300-000-180118640.html

patriotz
Member

If you actually listened to McCallum, rather than just looking at the bogus headline, you’d know he’s talking about immigrants. You know, people like you or your parents.

Yahoo “news” has always been crap but I think this is a new low.

Hyper-mega-Bull
Member
Hyper-mega-Bull
space889
Member
space889

The issue isn’t about tax being paid, that’s already been debated to death. The question is are you ready for Sharia law?

Also, when you are importing semi-retired millionaires or people who basically wants a passport of convenience, what do you really expect to happen? And our new Lib gov’t is making it easier than ever for these type of people to become Canadians. When you actively court the rich & corrupt, then stop crying foul when you are getting the rich & corrupt.

wwwww
Guest
wwwww

Sharia law? Seriously?

Fuck off.

voter
Guest
voter

I’m interested in this law.Having gone through a divorce with our injustice system ,maybe it’s better.Can you provide some examples of this law.Thanks

Many Franks
Member
Active Member

Here’s a pretty serviceable lament that pits anecdote against vacant-house data. And , notably, it’s from a homeowner.

Jane Macdougall: Tales from the trenches of Vancouver’s real estate market

There are four properties on my block with survey stakes. The house three doors over got bulldozed this weekend. It had been empty for more than a year. The Vacant Housing Unit Research report presented to Vancouver city council this week declares that the percentage of vacant houses has remained flat since 2002. I must be hallucinating. At least six of the homes in my neighbourhood are perpetually empty. One house is up for sale a third time without ever being occupied. Halloween is no fun in my neighbourhood.

West Coast Woman
Guest
West Coast Woman

There was a Globe and Mail article by Kerry Gold, published last week, which explains, among other things, that houses where the power was turned off were not counted vacant.

elvince
Guest
elvince

I love the quote from one of the commentors:
“Christy Clark, the best politician CHINA has had in a long time !”

space889
Member
space889

Uhmm…anecdotal evidence doesn’t necessary contradicts with the report % of empty homes. Houses stay empty for year or two and then get demolished for a new house, which means that demolished house is no longer an empty house, but a new build in construction. While other houses joins the rank of empty houses.

Plus, a lot of the houses are occupied during school year so they aren’t technically empty for the full year and likely isn’t counted.

elvince
Guest
elvince

Since 2002? Not that many empty houses in 2002. Not enough that one could see them with a naked eye. Now they pretty much scream at you.

space889
Member
space889

Only because it has become more of an issue and so people notice it more…
There were already reports of Vancouver West school being heavily Asian/Chinese back in 2002 and most of those students don’t live here all year.

Hyper-mega-Bull
Member
Hyper-mega-Bull

learn mandarin.

China buys soft power with hard cash in Hollywood

http://news.yahoo.com/china-buys-soft-power-hard-cash-hollywood-032246000–finance.html

southseacompany
Member
southseacompany
“New Mortgage Rules Introduced By Liberals Driving Up Housing Market: National Bank”, Huffington Post http://www.huffingtonpost.ca/2016/03/14/new-mortgage-rules-canada-housing-market_n_9460702.html “The Liberal government’s new, tighter mortgage rules were meant to help keep the housing market from overheating, but National Bank says the new rules are doing the opposite, at least for now.” “The new rules require insured mortgage holders to put down a minimum of 10 per cent for any portion of a house’s price above $500,000. The 5-per-cent minimum down payment still applies for the portion of a house price below that. Economists predicted last year the rules would temporarily drive the market up, as homebuyers raced to land a mortgage before the deadline. But Pinsonneault says the effect will continue this year, because the new rules don’t apply to anyone who locked in a mortgage before Feb. 15 of this year, and those… Read more »
wwwww
Guest
wwwww

Canadian housing prices are not sustainable: David Rosenberg (July 11, 2012 )

http://business.financialpost.com/business-insider/canadian-housing-prices-are-not-sustainable-david-rosenberg

Pour one out for the housing bears who didn’t make it to 2016.

http://therapinsider.com/wp/wp-content/uploads/2014/09/pour-one-out.jpg

Whistler or Bust?
Guest
Whistler or Bust?

A friend of mine just bought this place in Palm Springs:
https://www.redfin.com/CA/Palm-Springs/2931-Twilight-Ln-92264/home/22529034

Interestingly he rents in Vancouver.

Look what $1 mil C$ buys you in an extremely desirable international destination. I would guess more people in the world know where PS is vs Vancouver.

Forget all the BS that idiots here are spinning. HAM will be the first to bail as soon as prices start to slip.

I said the LONG TERM top would come in the first half of this year and I am sticking to it.

Bears you might have been wrong but are not crazy.

Shut It Down Already
Guest
Shut It Down Already

Palm Springs is definitely one of the nicer places in Australia…

wwwww
Guest
wwwww

>HAM will be the first to bail as soon as prices start to slip.

Prices have slipped a already and HAM didn’t bail. 2008 and 2012.

>I said the LONG TERM top would come in the first half of this year and I am sticking to it.

What does that EVEN MEAN?

>Look what $1 mil C$ buys you in an extremely desirable international destination.

Palm Springs is not an international destination. It’s a regional destination. But if you want to buy there, be my guest. Keep in mind that it gets a bit warm in the summer.

Whistler or Bust?
Guest
Whistler or Bust?

1. HAM was not near the factor in 2008 as they are today. 2012? A blip. A drop of 10% HAM will move onto to the next shiny thing leaving overextended locals to support prices.
2. Pretty self expanatory
3. Vancouver gets pretty wet in the winter.

Just noticed that the Yaun has slipped about 10% vs the C$ since the highs a few months ago. Another tailwind inflating the bubble gone.

wwwww
Guest
wwwww

>Another tailwind inflating the bubble gone.

Do you expect to see it reflected in sales?

paulb
Member

New
381
Sold
266

TI:8156

http://www.paulboenisch.com

bestplaceonearth
Guest
bestplaceonearth

And this is going to cause Vancouver real estate to bust?

Best place on meth
Member
Best place on meth

I can’t believe you only have 10 votes.

space889
Member
space889

And I can’t believe you haven’t volunteered for the Uighur Independence Movement given how much you expressed interests in killing Chinese people, and how much you love freedom & democracy.

Hyper-mega-Bull
Member
Hyper-mega-Bull

link?

voter
Guest
voter

It doesn’t matter if these people stay or not. Twenty five years ago there was lots of industry here and they left.There are over 1 billion Chinese ready to take your place so get used to it .

voter
Guest
voter

Liberals going to make it easier for International Students to become Canadian citizens .The Government calls them The Cream Of The Crop ,so do you think they really care if young people move out of Vancouver .The machine doesn’t care where your from or how long you’ve been here.All as they want are people .

OpenCourse
Guest
OpenCourse

Chinese national, Tao Liu in Canada fraudulently on a student visa, is believed to be hiding in Richmond.
http://globalnews.ca/news/2513717/suspect-in-violent-kidnapping-of-victoria-foreign-student-missing/

OpenCourse
Guest
OpenCourse

Chinese international student said he had intended to invest $6 million in Vancouver, but now change his mind. Because. Police gave him a ticket for driving a Bentley with a fake license plate, even though he had a valid B.C. driving license. Is that a brilliant logic or a habitual lying mind
https://translate.google.ca/translate?hl=en&sl=zh-CN&u=http://city365.ca/van/222200&prev=search

OpenCourse
Guest
OpenCourse
franko
Member
franko

Our esteemed Prime Minister trying to entice more immigrants:
http://www.youtube.com/watch?v=R8ypraEielc

BubbleTea
Guest
BubbleTea

No Flying Roaches or Locust please. We would like the ones that would genuinely like to come to this country and contribute to it and not use this country to launder its dirty money.

fosolo1
Member
fosolo1

A shame we’ll never hear about Prem Watsa’s view on the Canadian housing bubble on Global news. So much for fair and balanced reporting .
Instead we get every breathless realtor trotted out with a ” sky is the limit ” forecast.
Something is really wrong when the evening news has the caption (Sponsored by Remax)
No conflict of interest there, eh.

Combat roach
Guest
Combat roach
Best place on meth
Member
Best place on meth

Time to take up remote controlled drones as a hobby.

Mine is going to have lasers.

BubbleTea
Guest
BubbleTea

Are we going to see a slow down in the Vancouver real estate market very soon?
“Economists say tightened capital controls are one reason China’s foreign reserves fell only $US28.6 billion in February, less than a third the drops of the two previous months.”
http://www.theaustralian.com.au/business/wall-street-journal/china-stifling-companies-as-it-battles-money-exodus/news-story/f32eb92e80164bf108f73a15abf36382

Best place on meth
Member
Best place on meth

I don’t trust those numbers due to CNY distorting all financial activity in February.

If the same thing happens in March, then there may be something significant going on.

southseacompany
Member
southseacompany

“Fairfax CEO Prem Watsa warns investors face ‘huge’ potential for pain”, BNN video

http://www.bnn.ca/News/2016/3/14/Watsa-warns-investors-face-huge-potential-for-pain.aspx

“Fairfax Financial CEO Prem Watsa laid out a litany of risks in his latest letter to shareholders. From plunging commodity prices, to Canada’s housing market and frantic policymaking in China – he’s telling investors it could all come to a head early this year.”

““Canadian housing prices, particularly in Toronto and Vancouver, have gone up significantly, driven by lax policies at CMHC, “ he wrote, in reference to the country’s top housing watchdog.”

““Canadians have accessed their increasing real estate wealth through lines of credit easily available from the banks. Sounds familiar? This is exactly what happened in the United States before the financial crisis in 2008/2009.””

space889
Member
space889
Many Franks
Member
Active Member

Oh, and I don’t think I’ve seen this one shared here yet.

Existing house damaged by fire, do not enter. Buyer to demolish existing structure.

$2M for a burned-out crack shack just two blocks from Nanaimo and 1st!