It’s the end of another work week and that means it’s time for another Friday free-for-all here on VCI.
This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–Some recent stats
–Rentals, the other disaster
–For rent, van with no toilet
–Scotiabank: Buyer tax the right move
–Mansion prices drop
–Prices to dip 10%
–Thousands of job losses
–What 3 mill gets you in Scottsdale
–Vancouver & Toronto go in different directions
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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.
When it comes to job market opportunity the city of North Vancouver does well at a respectable 3rd in the province. Here in Vancouver we come in as the 17th best city in BC.
For the second year, BC Business has ranked 36 communities in B.C. based on their job markets.
The publication looked at core economic indicators – average household income, income growth, population growth, unemployment rate, people with degrees – and added a new indicator of average household income for the under-35 demographic.
Peter Miron, senior research associate with Environics Analytics, who compiled the data for BC Business, says measuring income for the under-35 age group “is a good way of measuring the overall economic health of a community.”
Read the full list and original article here.
There was a big jump in full time jobs in February!
The bad news?
Some people think this is ‘unsustainable‘ because most of the jobs were in construction or ‘public sector’ and the recent drop in oil prices may have an effect on these parts of the economy.
But in the meanwhile if you’re looking for work and want to know who’s hiring find your nearest construction pit or government office.
Read the original article over at wolfstreet.
There’s not a whole lot of hiring going on across Canada at the moment.
For the last 15 months year over year job growth has been under 1 percent. Apparently this makes it the longest stretch of such low growth outside of recessions in almost 40 years of record keeping.
Employers shed 1,000 positions last month, according to Statistics Canada, and the jobless rate rose two notches to a five-month high of 6.8 per cent as more people looked for work. Annual employment growth has hovered at about 0.6 per cent in the 15 months since December, 2013.
The last period of least 15 months of growth below 1 per cent was during the 2008-2009 recession, when often it slumped into negative territory, according to Statistics Canada.
It’s not all bad news though. While full time employment is not seeing gains temporary and self employment is growing:
In the past year, temporary employment has climbed 2.3 per cent while permanent positions are up 0.1 per cent.
Temp employment – which includes seasonal, contract and casual jobs, accounts for 12 per cent of the total. Self-employment has jumped 2.2 per cent in that time, public-sector employment by 1.2 per cent and that in the private sector by by 0.2 per cent.
Read the full article here.