Vancouver’s economy is being put at risk by the heat in the housing market. That’s the finding of a report by the Greater Vancouver Board of Trade and the Conference Board of Canada which ranks the top 20 global metros for their attractiveness to talent and business investment.
While Vancouver ranks 9th
with a “B” grade overall, for housing affordability it only scores a “D”. That’s also the grade for the city’s proportion of 25-34 year olds, which it says is linked to a lack of affordable housing.
Office rents score an “A” for affordability with only Montreal ranking higher among North American peers.
Calgary is number 4 in the overall ranking but does not take into account the downturn in the energy sector as indicators for the analysis were from 2014 or earlier.
Toronto is in 10th
place, Montreal in 14th
and Halifax in 16th
. The list is topped by Singapore and San Francisco is the only US city to join Calgary, Vancouver and Toronto in the top 10.
Housing affordability ranks just below poor infrastructure in a list of challenges facing Vancouver’s economy.
"If left unaddressed, these challenges could prevent Greater Vancouver from fully realizing the advantages of being a preferred gateway economy to Asia, as well as deter talented people and business investment—both crucial ingredients for success in an increasingly globalized and competitive world," said Daniel Muzyka, President and CEO of The Conference Board of Canada.
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