I find it interesting that due to high rent prices the article hypothesizes that people are moving away from Vancouver and the next upcoming city is a peninsula on an island? What do you think is going to happen in the real-estate market there?
Millennials Flee Vancouver for More Affordable Cities
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Re: Millennials Flee Vancouver for More Affordable Cities
#22Re: Millennials Flee Vancouver for More Affordable Cities
#23The Chinese are parking their money there, that's what's happening
Hence people paying millions of dollars for a house that's falling apart
But I'm glad to hear about Victoria.
Re: Millennials Flee Vancouver for More Affordable Cities
#24As 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…
Agreed. It's just so easy to hire in Canada right now due to the strong USD Exchange Rate. Many startups make money in USD and hire in CAD.
Re: Millennials Flee Vancouver for More Affordable Cities
#25I 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.
Victoria is nice, but it is a small city and being on the island it's pretty isolated.
While you do have direct access to the said island, there's a limit to how much "nature" activities one can do. Diversity Nanaimo (another city) is utterly unremarkable. Tofino is very nice, but it's 4-hour drive away. Everything else is even farther and unremarkable. Getting to anywhere outside of the island is a major hassle. Victoria International Airport provides fine selection of international flights, though to Seattle only. Ferries are slow and expensive. Floating plane taxis tend to crash now and then, so that's not very good either. So, yes, in theory you can get off the island on a whim, in practice though it's so much hassle that more often than not you simply won't bother. Hence the "isolated" remark.
YMMV, but my experience was that outside of work things get very boring very quickly.
Re: Millennials Flee Vancouver for More Affordable Cities
#26As 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…
I think that's an issue everywhere in the world. I'm living in Taiwan (not from here originally), and the tech scene is really being hollowed out for years if not decades. The really best, brightest, and most motivated people are already working abroad. "Humiliating" is a strong word, but the more I think about it, the more apt it feels, there should be a lot more reward for the good techies here (there are some left, miraculously!)
Re: Millennials Flee Vancouver for More Affordable Cities
#27Assuming one has a really good heater and sleeping bag, it legal/possible/affordable to live in a VW bus in say south Vancouver? Renting in places like NYC, SF these days seems most people are lemmingly throwing money away in an unaffordable attempt to buy faux status while going into debt and gaining no balance sheet because "everyone else is doing it." Unless you've sold a series to HBO, living below one's means is smarter because hope isn't a strategy.
Re: Millennials Flee Vancouver for More Affordable Cities
#28Earlier quoted context omitted.
Their salaries are much higher than Vancouver, they might be ok....especially in tech.
Canadian tech salaries are a pittance compared to US ones. In the Bay area, 150K to 250K are standard for people with 5 years of experience. This is not the case in any Canadian city. This neglects the lower exchange rate.
That is not the case in any city, period.
Re: Millennials Flee Vancouver for More Affordable Cities
#29As 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…
This also happens in third world countries too. I think this is happens when one can easily compare salaries all over the world.
Re: Millennials Flee Vancouver for More Affordable Cities
#30The USD median house price in Vancouver is misleading too, because it wasn't long ago that the dollar was at parity, and incomes certainly haven't changed much as the dollar has dropped by a third.
Anyway, so far the effect on Victoria seems to be our own mini (compared to Vancouver; still nuts for most of the world) housing boom. I have three couples of close friends all house-hunting right now, and it's not a fun time to be doing so. I can't imagine committing to pay the better part of a million dollars for something with less than a day's deliberation, no time for an inspection, and a need to offer over asking price to even have a hope of "winning".