A third of homeowners in Metro Vancouver are considering leaving the city for more affordable alternatives, including many among the ‘management class’ with an impact for the economy.
A report from Resonance Consultancy shows that the exodus of 34 per cent of homeowners could occur over the next five years if respondents follow through with intentions.
The percentage of those planning a ‘Vancouvexit’ is higher for young Canadians with 40 per cent of Gen X and 35 per cent among millennials while it is 28 per cent for baby boomers.
“Potentially losing 40 per cent of the management-age population in the city of Vancouver could have serious implications for the future of Vancouver’s economy,” warns Chris Fair, president of Resonance Consultancy. “Even if half of that divestment is re-allocated to more affordable housing in the Lower Mainland, there is the threat of thousands of middle managers and senior leaders leaving local companies already struggling with finding staff.”
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