Vancouver has a lot to offer, but affordability isn’t one of them. That's according to Vancouver real estate marketing exec Grace Pacifica Chen, who says she is considering leaving the city. Chen, who works for commercial real estate firm Jones Lang LaSalle, writes in an article for New Geography:
There is an affordability crisis in this city. Vancouver is ranked the 2nd least affordable city in the world next to only Hong Kong. Considering what it costs to live in places like New York or London, our dilemma here should be quite apparent.
Housing prices have grown at an alarming rate. As of 2016, 91% of single-family homes are valued at over $1 million. Our salaries have not grown to match.
One of my best friends is a Realtor. For years, she has been saying, “Get into the market as soon as you can.”
The rest of us who are less educated in real estate would talk about waiting for the real estate bubble to burst.
I entered the industry myself recently and began paying attention to trends and numbers. Vancouver’s bubble isn’t going to burst anytime soon. It’s either get in as soon as possible, or get out of town.
It’s ridiculous, really.