A new study says more than half of British Columbians are likely to move away in the next five years.
According to research carried out by Resonance Consultancy, more than 4-in-10 homeowners and 7-in-10 renters are planning to buy or rent a different home by 2021.
Study author Tom Gierasimczuk says the shift could have powerful economic effects on Vancouver, and the province as a result.
“Imagine the implication of that large of a workforce potentially picking up and leaving. Those are the skilled employees. They’re looking to get more house and more value in a more affordable area,” he says.
On top of the economic implications, he says it has the potential to hollow the city out as well.
“What’s going to be left is it’s just going to be a resort town that’s just basically just the service class that caters to the whims of the wealthy and nobody wants to live in a place like that.”
The cost of housing is the main reason why residents plan to flee British Columbia, with 74% of those surveyed saying housing is unaffordable.