The high cost of owning a home in Metro Vancouver may lead to a labour crisis, suggests a new report, even in some of the highest paying careers.
Titled “Help wanted: salaries, affordability and the exodus of labour from Metro Vancouver”, the Vancity Credit Union reports that the household salary needed to maintain the region’s average mortgage is $123,000 a year, with a 20-per-cent down payment.
In a dual-income household, that’s $78,000 per person. To make things worse, the report says housing costs continue to rise faster than salaries.
By 2020, people holding 82 of 88 “in-demand jobs” will be unable to afford a single-family home, which has analysts expecting many may forgo a career opportunity in the region to relocate.
The report concludes that in ten years people may begin re-locating to more affordable regions for career opportunities, which would lead to labour shortages.
Read the full report here: