(public).sospep.subjects ~ view article ~ millennials-fleeing-vancouvers-tech-sector

<h1 style="text-align: center;">millennials flee vancouver for cities with more affordable houses</h1>
<h2>[WHAT]</h2>
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<li>] byKatia Dmitrieva @ bloomberg.com - &nbsp;The tech economy in Vancouver and across Canada has never looked brighter. Yet the reality, in some respects, has never been bleaker.</li>
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<h2>[WHY]</h2>
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<li>]&nbsp;</li>
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<h2>[WHERE]</h2>
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<li><strong>] READ THE FULL ARTICLE</strong></li>
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<li>]&nbsp;<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>&nbsp;</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>
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<h2>[WHEN]</h2>
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<li>] 2016-03-16</li>
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<h2>[EXAMPLE]</h2>
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<li><strong>]&nbsp;&ldquo;Housing in Vancouver is insane</strong> &mdash; it was insane when I left and it&rsquo;s more insane now,&rdquo; said Oke, who co-founded educational-software company LlamaZoo Interactiveafter moving to Victoria in 2014.&nbsp;</li>
<li>]&nbsp;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&rsquo;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>]&nbsp;<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>]&nbsp;</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&rsquo;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.&nbsp;</li>
<li><strong>]&nbsp;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>]&nbsp;The net number of people age 18 to 24 added to Vancouver&rsquo;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&rsquo;s Waterloo region, <strong>Vancouver is often likened to Silicon Valley, San Francisco and Seattle for its startup scene. The city&rsquo;s tech industry employs more people than oil and gas, forestry and mining combined,</strong> and <strong>it&rsquo;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>]&nbsp;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>]&nbsp;<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&rsquo;s financial-technology industry. She&rsquo;s having a tough time filling a 2,000-square-foot (186-square-meter) open-concept office for startups in Vancouver&rsquo;s historic Gastown neighborhood she opened this year because potential tenants say <strong>they&rsquo;re leaving the city for Victoria, Kelowna and as far away as London and Singapore.&nbsp;</strong>&ldquo;We&rsquo;re banging our heads on the wall,&rdquo; she said. <strong>&ldquo;Why aren&rsquo;t they staying? Because it&rsquo;s too expensive.</strong> <strong>Vancouver is going to lose its tech edge.&rdquo;</strong></li>
<li><strong>]&nbsp;One of the main recipients of the brain drain is Victoria, or &ldquo;Tectoria&rdquo; as it&rsquo;s sometimes known</strong>, which opened a <span style="text-decoration: underline;">tech incubator</span> in 2014 to accommodate the growth of what&rsquo;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,&ldquo;Interest from Vancouver has hit an all-time high for us,&rdquo; said Dan Gunn, head of the <span style="text-decoration: underline;">Victoria Innovation, Advanced Technology and Entrepreneurship Council</span>.&nbsp;</li>
<li><strong>]&nbsp;Kelowna is another city seeing a recent flow of millennial housing refugees</strong> from British Columbia&rsquo;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&rsquo;s getting easier to recruit people from bigger cities because they&rsquo;re drawn to the lifestyle that includes farm-to-table dining, hand-roasted organic coffee and local beer.</li>
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<h2>[HOW-TO]</h2>
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<li>]&nbsp;</li>
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<h2>[REFERENCE]</h2>
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<li>] SRC = HN, <a href="https://news.ycombinator.com/item?id=11295460" target="_blank">comments</a>&nbsp;</li>
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<li>] my = # 5004 - cultural differences between Canadians and Americans</li>
<li>] ...</li>
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<li><strong>[2016-03-26] financial post version - reposted r/canada&nbsp;</strong></li>
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<li>] <a href="https://www.reddit.com/r/canada/comments/4c2yie/exodus_of_millennials_threatens_metro_vancouver/" target="_blank">comments</a>&nbsp;</li>
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<li>]&nbsp;<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>&nbsp;(&nbsp;<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&rsquo;s tech economy</a>)</li>
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<li>] my = FYI blackberry isnt dead yet, its still the 5th largest tech company in Canada ....</li>
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<li>]&nbsp;<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/&nbsp;</a>&nbsp;<a href="http://www.seattletimes.com/business/real-estate/millennials-leaving-high-cost-vancouver-bc/" target="_blank">Millennials, techies fleeing &lsquo;insane&rsquo; 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>
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<li>*] another version - same article -&nbsp;</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">...&nbsp;</a></li>
<li>] <strong>defining whats in a GDP sector</strong> ex Real Estate selling, rentals and leasing&nbsp;<a href="https://www.reddit.com/r/canada/comments/4ao4ql/millennials_techies_fleeing_insane_housing_market/d13hke1" target="_blank">...</a></li>
<li>]&nbsp;<strong>I don't think Vancouver ranks as one of the&nbsp;<a href="http://ifuturo.org/documentacion/WCOL-March.pdf">most expensive cities</a>&nbsp;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>]&nbsp;This&nbsp;<a href="http://credbc.ca/role-energy-sector-bcs-economy/">article</a>&nbsp;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>]&nbsp;<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>&nbsp;</li>
<li>]&nbsp;</li>
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<h2>[RELATED]</h2>
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<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>
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