For the eighth straight year, Vancouver occupied a top-3 spot on the list of the least affordable housing markets in the world. Bloomberg staffer Katia Dmitrieva takes a look at the effect that this unaffordable housing is having on the city's millennials.
Last year, Vancouver added its lowest net number of people between the age of 18 and 24 ever, 884. The number of people ages 25 to 44 also saw a drop of 1,300. None of this bodes well for the all-important tech industry which needs this demographic:
The city’s tech industry employs more people than oil and gas, forestry and mining combined, and it’s set to help lead economic growth among Canadian cities for the next four years, according to the Conference Board of Canada. Mayor Gregor Robertson created an agency to tackle the housing crisis, with a goal of delivering2,500 low-cost units by 2021, among other targets.