Live data from Hacker News

Millennials Flee Vancouver for More Affordable Cities

bloomberg.com

11–20 of 272 posts

Re: Millennials Flee Vancouver for More Affordable Cities

#11

I really like Victoria and I hope the town does well out of this. I'm sad that I may not be able to afford to live in Vancouver anytime soon, though.

There are actually some really interesting (and young!) startups in Victoria.

We have an office there and our team maintains a city-wide startup listing + job board:

https://github.com/sendwithus/vic-startup-jobs

Re: Millennials Flee Vancouver for More Affordable Cities

#12
As someone who's lived in Vancouver for more than 10 years, then went to Waterloo for school (and lived in Toronto for most of my co-ops/internships), I think we Canadians should be more worried about highly educated millennials fleeing Canada entirely. Everybody I know from school who were offered the option to work in the US have picked up their Canadian degrees and left.

To the Canadian tech industry: How are you ever going to become competitive with the US if you keep offering these humiliatingly low salaries and letting the best and brightest of our own talent get leeched away?

Re: Millennials Flee Vancouver for More Affordable Cities

#13
Believe it or not, I have a number of coworkers come from Canada. I am not sure if they have all converted to US citizenship or not, but most of them have family or have a stable life here, and they blend in extremely well. And then there are a number of British coworkers too...

Re: Millennials Flee Vancouver for More Affordable Cities

#14

Earlier quoted context omitted.

Toronto is not much better. Million dollar homes in the boonies like Vaughan and Stouffville. It is a disaster for young people starting out. We deferred a home purchase since we were in grad school/there was general talk of a housing bubble since 2006. At this point, we're in the top 1% in terms of income and can barely afford a home. Oh .. and homes are getting multiple offers, buyers are getting into bidding wars…

As another datapoint, the govt decided to add to the misery by making it harder to get mortgages. This doesn't affect the people coming into the country with suitcases full of cash but hurts us a lot. The banks are giving us a hard time since we changed jobs in the last year (both my wife and myself improved our employment situation so a move was a good thing; banks want 2 years in the same job; WTF??).

[deleted]

Re: Millennials Flee Vancouver for More Affordable Cities

#15

Earlier quoted context omitted.

Toronto is not much better. Million dollar homes in the boonies like Vaughan and Stouffville. It is a disaster for young people starting out. We deferred a home purchase since we were in grad school/there was general talk of a housing bubble since 2006. At this point, we're in the top 1% in terms of income and can barely afford a home. Oh .. and homes are getting multiple offers, buyers are getting into bidding wars…

As another datapoint, the govt decided to add to the misery by making it harder to get mortgages. This doesn't affect the people coming into the country with suitcases full of cash but hurts us a lot. The banks are giving us a hard time since we changed jobs in the last year (both my wife and myself improved our employment situation so a move was a good thing; banks want 2 years in the same job; WTF??).

If it's like the US, 2 years in the same "line of work" should be sufficient.

Re: Millennials Flee Vancouver for More Affordable Cities

#17

As someone who's lived in Vancouver for more than 10 years, then went to Waterloo for school (and lived in Toronto for most of my co-ops/internships), I think we Canadians should be more worried about highly educated millennials fleeing Canada entirely. Everybody I know from school who were offered the option to work in the US have picked up their Canadian degrees and left. To the Canadian tech industry: How are you…

The brain drain is definitely a big issue in Canada.

On the bright the cost of living will end up being cheaper in Canada if you can get my flow ;)

Re: Millennials Flee Vancouver for More Affordable Cities

#18

As someone who's lived in Vancouver for more than 10 years, then went to Waterloo for school (and lived in Toronto for most of my co-ops/internships), I think we Canadians should be more worried about highly educated millennials fleeing Canada entirely. Everybody I know from school who were offered the option to work in the US have picked up their Canadian degrees and left. To the Canadian tech industry: How are you…

[deleted]

Re: Millennials Flee Vancouver for More Affordable Cities

#20

Earlier quoted context omitted.

Toronto is not much better. Million dollar homes in the boonies like Vaughan and Stouffville. It is a disaster for young people starting out. We deferred a home purchase since we were in grad school/there was general talk of a housing bubble since 2006. At this point, we're in the top 1% in terms of income and can barely afford a home. Oh .. and homes are getting multiple offers, buyers are getting into bidding wars…

As another datapoint, the govt decided to add to the misery by making it harder to get mortgages. This doesn't affect the people coming into the country with suitcases full of cash but hurts us a lot. The banks are giving us a hard time since we changed jobs in the last year (both my wife and myself improved our employment situation so a move was a good thing; banks want 2 years in the same job; WTF??).

It's counterintuitive, but making it harder to get mortgages will actually reduce housing prices in the long run, because it discourages real estate investment. In the same way, lowering interest rates appears to make it easier for first home buyers to get into the market but just results in investors snapping up more properties, driving up both mortgage amounts and rents.
Post reply on HN