ams at VREAA 1 July 2011 10:34pm-
“Vancouver was the place I wanted to move to from Toronto. I moved here in 2007, by accident, to do a project for a few months. I met the right woman and got married. What was a temporary assignment became home. Now that I have been here almost 5 years I am planning the family exit out of Vancouver. Vancouver will always be a very nice place to visit. As a place to raise a family and grow a high tech IT business it is not a good spot.
Based on detailed spreadsheets of our current family expenses we live a very modest lifestyle (we don’t own anything fancy). You need a family income of at least $250,000 per year to be able to afford a house, save for retirement, save for kids education. Unfortunately on a family income of $140,000 we can only do two of the above, so bye bye Vancouver hello Toronto. The issue with Vancouver is far deeper than just the housing bubble the economy is not diverse enough there are hardly any world class companies here and I don’t see why any major company would setup shop here than say Toronto, or Calgary.
April of 2012 we will leave, sell all our stuff move out of the rented place and head to Germany with the kids for the summer we will come back to Canada in September 2012 to Toronto, or who knows maybe we will stay in Germany till 2013.”
Note that ‘ams’ is not claiming that a family can’t ‘get by’ on $140K p.a. in this town. They are comparing the lifestyle and future security that their skills can earn them in Vancouver with what they can earn them elsewhere. It is not good for our community that those comparisons are leading to people leaving. The speculative mania in housing is resulting in loss of human capital. – vreaa