{"id":12439,"date":"2019-05-15T15:15:15","date_gmt":"2019-05-15T22:15:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12439"},"modified":"2019-04-25T11:16:18","modified_gmt":"2019-04-25T18:16:18","slug":"affordability-crisis-not-driving-young-people-from-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/affordability-crisis-not-driving-young-people-from-vancouver\/","title":{"rendered":"Affordability Crisis Not Driving Young People from Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">What happened : Vancouver added 16,000 young people to its population last year amid a housing affordability crisis, according to new report<\/p>\n<p style=\"text-align: justify;\">Why it matters : Migration from other provinces and countries making up for cohorts leaving for cheaper housing in other cities<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s notoriously high housing costs aren\u2019t preventing young people from making the city their home, according to RBC Economics.<\/p>\n<p style=\"text-align: justify;\">An April 25 study from the bank reveals the city added 16,000 residents aged 20-34 last year, representing growth of 2.4% in that cohort.<\/p>\n<p style=\"text-align: justify;\">\u201cConcerns that high and rising housing costs might gut the Millennials\u2019 ranks in Canada\u2019s most expensive cities have been greatly exaggerated,\u201d RBC senior economist Robert Hogue said in the report.<\/p>\n<p style=\"text-align: justify;\">His research found the population of young people in Toronto swelled by 58,000 (+4.1%) and by 22,000 (+1.4%) in Montreal during that same period.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s also true that more young individuals are leaving these cities for nearby areas, and we can presume that housing costs are a big factor,\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\">\u201cBut for every millennial leaving a major Canadian city for more affordable digs in the same province, there are between seven and 12 Millennials moving in from another country or province.\u201d<\/p>\n<p style=\"text-align: justify;\">Young people were, in fact, slightly overrepresented in Vancouver, making up 22.8% of the population in 2018 compared with 20.4% for all of Canada.<\/p>\n<p style=\"text-align: justify;\">But just because the age cohort is remaining steady doesn\u2019t mean people aren\u2019t leaving, the report said.<\/p>\n<p style=\"text-align: justify;\">Hogue pointed to numbers from 2017 showing Vancouver experienced a net outflow of 5,800 young people against Abbotsford-Mission, Chilliwack and Victoria.<\/p>\n<p style=\"text-align: justify;\">\u201cBuying a home in these communities came at discounts of 30% to 50% relative to Vancouver prices,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">But those losses in 2017 were countered by 2018 net immigration numbers showing Vancouver, Toronto and Montreal added a total of 76,300 young people to those three cities.<\/p>\n<p style=\"text-align: justify;\">\u201cAll three cities benefit from thriving economies and cultural scenes. In our view, this will keep the net flow of young talented migrants strongly positive overall despite further growing losses of Millennials to more affordable cities,\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/04\/affordability-crisis-not-driving-young-people-vancouver-rbc\" target=\"_blank\" rel=\"noopener noreferrer\">RBC : Affordability Crisis Not Driving Young People from Vancouver<\/a> by Tyler Orton | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happened : Vancouver added 16,000 young people to its population last year amid a housing affordability crisis, according to new report Why it matters : Migration from other provinces &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/affordability-crisis-not-driving-young-people-from-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12439","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Affordability Crisis Not Driving Young People from Vancouver &#8226; 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