Third of Homeowners Plan ‘Vancouvexit’

It seems that Vancouver is not becoming the dream city as most imagined, due to the high price of homes and state of the economy in the province. A third of homeowners in Metro Vancouver are looking at relocating to a more affordable city, with most of them in the average management class.

Report from the Resonance Consultancy indicated an anticipated evacuation of 34 per cent of homeowners which could happen in the coming five years if respondents go through with their initial decision of moving.

There is a higher proportion of those intending on leaving Vancouver for Canadian millennials, with 40 per cent of Gen X and 35 per cent of millennials, baby boomers making up 28 per cent of the respondents.

President of Resonance Consultancy, Chris Fair also cautioned; “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. 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.”