Vancouver has seen its housing prices spiral upward, making it far more challenging for young families and professionals to own a property.
As if trying to affirm its status as the city with the costliest housing, the steep prices have effectively narrowed the housing options of locals, with many young professionals being compelled to consider living in the surburbs, albeit begrudgingly.
Foreign buying, property speculation coupled with low interest rates have driven the cost of a typical detached home nearly 30 percent in the past five years. Chinese buyers have invested in droves, driving up the housing prices which have impacted mostly the younger people as their housing choices shrink, alongside their purchasing ability.
This has resulted in a migration trend out of Vancouver in greater numbers than those migrating in from elsewhere in Canada, especially when rental is not a practical option.
Most people, however are willing to make sacrifices – like long commutes from far-flung suburbs, or raising kids in shoebox condos – for the benefit of Vancouver’s mild climate and outdoor lifestyle.
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