Technology is one of the fastest-growing sectors in the global economy but its growth in Vancouver is being pressured by the high cost of living.
A report from CBRE says that while the city is in the mid-range of salaries in the tech space, it has the most expensive rental market of Canada’s top 10 tech cities.
Average rents of $15,214 per year exceed that of Toronto ($14,514) in 2nd
place and are far above Montreal ($8,859) in 10th
Vancouver has the largest number of tech employees in Canada but wages average $72,356, the fifth highest; well-below the $83,303 paid in Calgary. The report warns that the cost of living in Vancouver could stall the growth of the city’s tech industry.
Raymond Wong, head of research at CBRE told the Vancouver Sun that Vancouver is a great city for the tech sector and for its workers but noted that firms may need to look to locate outside the city to attract workers. This, he highlighted, has also been the case in Toronto and helped drive the Waterloo market.
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