Tanya Beja, reporter: “Mike and Elaine Garland want their son Nicholas to grow up with the same opportunities they did: a house, a backyard, maybe a dog, but when they look at the cost of real estate, they know their options are limited.”
Elaine Garland: “Knowing that our dollar didn’t go very far in this city… kinda was disappointing for me, because I grew up in this city, I was a Burnaby girl.”
Beja: “So the ‘Burnaby-girl’ and her husband are heading East, getting ready to move to Newfoundland, where a home costs half of what they paid here.”
Mike Garland: “Out here you feel like you’re struggling, every week, trying to pay the bills, pay your mortgage, and the commute. You never think you’re getting ahead.”
Beja: “The Garlands have no doubts that a new life in Newfoundland will allow them more time with their son, and more money for his education and activities like hockey.”
Mike Garland: “I think it’s a better choice to raise a family… you’re not putting all your money into the house itself.”
Beja: “Holly and Rob Williams know what it’s like to struggle: Thousands of dollars in debt, they want to start a family and own a home, something they say thay can only do by moving to Ottawa.”
Holly Williams: “We don’t want to be house-poor, and I do believe, that if we stayed, we would end up being house-poor.”
Rob Williams: “… looking forward to the next step in life, which is going to be children, which is going to be more expensive… the option is clear, it’s very clear, what has to be done.”
Beja: “For the first time in more than a decade, more people have left BC this year than the number moving here from other provinces.”
Feras Elkhalil, head of a tech recruiting firm: “In the past, we’ve been known to call across the nation, just to get that good, specialized talent into Vancouver, and it has been easier, to sell a lifestyle and temperature change, … but that’s gone.”
Beja: “BC prides itself on its livability and lifestyle, but are we selling a bill-of-goods? … Ours is the most expensive in the country, costing more than eleven times the median income.”
“But our income is at the bottom of the list, Vancouverites make less than people living in places like Regina and Saskatoon.”
“If young people continue to leave, it could spell trouble for our economy.”
- above excerpts from Global TV, 3 Oct 2011.
Kudos, on this occasion, to Global TV and to Tanya Beja, for plainly stating aspects of the effects of housing prices.
The montage of clips from the ‘Best Place On Earth’ BC advert interspersed with voice-over questions about housing is the closest Global has come to asking real journalistic questions about our RE.
It’d be even better if Global went further, and joined some of the dots:
Given the prices and incomes, we’re experiencing a ‘speculative mania’ in housing prices, aren’t we?
And, given the effects on migration that they cite, and given that prices have been driven up by bubble-dynamics, are prices sustainable?