Vancouver house prices concern businesses
It’s not just those that are looking to buy or sell property that are interested in the price of homes, many businesses keep an eye on prices as part of their hiring plans. In Vancouver for example, the high prices are a concern for companies as they seek to attract and retain employees who will need higher wages to persuade them to remain in the area rather than seeking more for their dollars elsewhere. The increase in demand for property in Canada’s city cores - and the supply in response - may work for young single professionals or downsizing baby-boomers, but for those starting or growing their families it can lead to a difficult choice. Government figures show a net increase in the numbers of 25-44 year olds leaving Vancouver in the last three years. Not only is that a key demographic for workforces but if families are leaving it will have a negative effect on the community mix. There are schemes to help with affordability; however these generally help those in the lower income brackets whereas the middle income earners are more likely to move elsewhere.