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] by Katia Dmitrieva @ bloomberg.com - The tech economy in Vancouver and across Canada has never looked brighter. Yet the reality, in some respects, has never been bleaker.
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<h1 style="text-align: center;">millennials flee vancouver for cities with more affordable houses</h1> <h2>[WHAT]</h2> <ol> <li>] byKatia Dmitrieva @ bloomberg.com - The tech economy in Vancouver and across Canada has never looked brighter. Yet the reality, in some respects, has never been bleaker.</li> </ol> <h2>[WHY]</h2> <ol> <li>] </li> </ol> <h2>[WHERE]</h2> <ol> <li><strong>] READ THE FULL ARTICLE</strong></li> <ol> <li>] <a href="http://www.bloomberg.com/news/articles/2016-03-14/millennials-flee-vancouver-for-cities-with-more-affordable-homes" target="_blank">http://www.bloomberg.com/news/articles/2016-03-14/millennials-flee-vancouver-for-cities-with-more-affordable-homes</a> </li> <li>*] same article published in <a href="http://business.financialpost.com/personal-finance/mortgages-real-estate/millennials-fleeing-vancouver-for-cities-with-more-affordable-housing-threatening-citys-tech-economy" target="_blank">Financial Post</a>, Seattle Times</li> </ol></ol> <h2>[WHEN]</h2> <ol> <li>] 2016-03-16</li> </ol> <h2>[EXAMPLE]</h2> <ol> <li><strong>] “Housing in Vancouver is insane</strong> — it was insane when I left and it’s more insane now,” said Oke, who co-founded educational-software company LlamaZoo Interactiveafter moving to Victoria in 2014. </li> <li>] Oke, now 33, is part of the millennial retreat from a city where <strong>housing prices have skyrocketed at a faster pace than even in San Francisco.</strong> Rising costs are putting Vancouver’s vaunted growth engine at risk as <strong>the city hemorrhages people employed in tech and new media for more affordable locales, including Victoria and Kelowna.</strong> The flight of millennials from Vancouver is similar to trends found in other cities with soaring home prices.</li> <li>] <strong>Vancouver was ranked the third-least-affordable housing market in the world</strong> this year, after Sydney and Hong Kong, by consulting firm Demographia. <strong>It was the eighth straight year the city occupied a top-three spot.</strong></li> <li><strong>] </strong><strong>The price of a typical Vancouver home rose 21 per cent to $775,300 in January from a year earlier, </strong>according to the city’s real estate board. That compares with a 14 per cent increase to a US$1.1 million median in San Francisco, according to residential-data website Zillow. </li> <li><strong>] Rentals are hard to come by, and just as unaffordable. The vacancy rate of 0.8 per cent is one of the lowest in the country,</strong> and the average monthly rent of US$937 for a bachelor suite is tied at highest with the cost in Toronto, according to Canada Mortgage and Housing Corp.</li> <li><strong>] The net number of people age 18 to 24 added to Vancouver’s population was the lowest ever last year, at 884,</strong> and the <strong>number of 25-to-44-year-olds decreased by about 1,300,</strong> the biggest decline since 2007, according to Statistics Canada.</li> <li>] Along with Ontario’s Waterloo region, <strong>Vancouver is often likened to Silicon Valley, San Francisco and Seattle for its startup scene. The city’s tech industry employs more people than oil and gas, forestry and mining combined,</strong> and <strong>it’s set to help lead economic growth among Canadian cities for the next four years,</strong> according to the Conference Board of Canada.</li> <li>] Mayor Gregor Robertson created <strong>an agency to tackle the housing crisis, with a goal of delivering 2,500 low-cost units by 2021,</strong> among other targets.</li> <li>] <strong>That driver of growth may evaporate as talent exits Vancouver,</strong> said Christine Duhaime, founder and executive director of the <span style="text-decoration: underline;">Digital Finance Institute</span>, 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 <strong>they’re leaving the city for Victoria, Kelowna and as far away as London and Singapore. </strong>“We’re banging our heads on the wall,” she said. <strong>“Why aren’t they staying? Because it’s too expensive.</strong> <strong>Vancouver is going to lose its tech edge.”</strong></li> <li><strong>] One of the main recipients of the brain drain is Victoria, or “Tectoria” as it’s sometimes known</strong>, which opened a <span style="text-decoration: underline;">tech incubator</span> in 2014 to accommodate the growth of what’s now <strong>a $4-billion industry in the city employing about 23,000 people.</strong> Billionaire investor Terry Matthews has injected capital into startups on the island,“Interest from Vancouver has hit an all-time high for us,” said Dan Gunn, head of the <span style="text-decoration: underline;">Victoria Innovation, Advanced Technology and Entrepreneurship Council</span>. </li> <li><strong>] Kelowna is another city seeing a recent flow of millennial housing refugees</strong> from British Columbia’s biggest city. The town of 123,000 is in the midst of building a six-story <span style="text-decoration: underline;">innovation centre for startups</span> and <span style="text-decoration: underline;">Accelerate Okanagan</span>, an organization that supports local tech companies.Karen Olsson, chief executive officer for Kelowna-based software company Community Sift, says it’s getting easier to recruit people from bigger cities because they’re drawn to the lifestyle that includes farm-to-table dining, hand-roasted organic coffee and local beer.</li> </ol> <h2>[HOW-TO]</h2> <ol> <li>] </li> </ol> <h2>[REFERENCE]</h2> <ol> <li>] SRC = HN, <a href="https://news.ycombinator.com/item?id=11295460" target="_blank">comments</a> </li> <ol> <li>] my = # 5004 - cultural differences between Canadians and Americans</li> <li>] ...</li> </ol> <li><strong>[2016-03-26] financial post version - reposted r/canada </strong></li> <ol> <li>] <a href="https://www.reddit.com/r/canada/comments/4c2yie/exodus_of_millennials_threatens_metro_vancouver/" target="_blank">comments</a> </li> </ol> <li>] <a href="https://www.reddit.com/r/canada/comments/4aduwq/millennials_fleeing_vancouver_for_cities_with/" target="_blank">https://www.reddit.com/r/canada/comments/4aduwq/millennials_fleeing_vancouver_for_cities_with/</a> ( <a href="http://business.financialpost.com/personal-finance/mortgages-real-estate/millennials-fleeing-vancouver-for-cities-with-more-affordable-housing-threatening-citys-tech-economy" target="_blank">Millennials fleeing Vancouver for cities with more affordable housing, threatening city’s tech economy</a>)</li> <ol> <li>] my = FYI blackberry isnt dead yet, its still the 5th largest tech company in Canada ....</li> </ol> <li>] <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/%20" target="_blank">https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/ </a> <a href="http://www.seattletimes.com/business/real-estate/millennials-leaving-high-cost-vancouver-bc/" target="_blank">Millennials, techies fleeing ‘insane’ housing market of Vancouver, B.C.: Supply restrictions mean that as the price of an average house in the beautiful city nears $1.3 million Canadian, young tech workers are moving out, leaving worried business leaders behind</a></li> <ol> <li>*] another version - same article - </li> <li>] my = <strong>liquidity re:reasons investors dont rent out condo's</strong> <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d13jbt6" target="_blank">... </a></li> <li>] <strong>defining whats in a GDP sector</strong> ex Real Estate selling, rentals and leasing <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d13hke1" target="_blank">...</a></li> <li>] <strong>I don't think Vancouver ranks as one of the <a href="http://ifuturo.org/documentacion/WCOL-March.pdf">most expensive cities</a> in the world in terms of overall cost of living(COL)</strong>. yes it's one of the "least affordable" in terms of "home ownership" perhaps, <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d13ezoi" target="_blank">...</a></li> <li>] This <a href="http://credbc.ca/role-energy-sector-bcs-economy/">article</a> has <strong>a nice graph at the top that illustrates BC GDP by sector.</strong> <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d13chzk" target="_blank">...</a></li> <li>] <strong>Foreign investment is one of several key factors in what's driving Vancouver's real estate market</strong>. <a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d12iebn" target="_blank">...</a> </li> <li>] </li> </ol></ol> <h2>[RELATED]</h2> <div><ol> <li>] <a href="/view/article?id=4945" target="_blank">vancouver-housing</a> - a series of articles related to the housing market in Vancouver, BC, Canada circa 2015 - current</li> </ol></div>