“Young people are leaving B.C. for other provinces at the fastest rate in years, raising concerns about a sputtering economy and unaffordable housing.”

“BC stats from January to March show more than 2,500 have uprooted and left.
Both economists and folks who live here blame the economy, housing affordability, and the high cost of living in BC.
A woman we spoke with isn’t shocked by the mass exodus earlier this year. “No, it’s not surprising at all. I was actually thinking of doing that myself, especially towards the US; you get way bigger houses [in the States] for a small amount.”
One man tells us he’s done it before and could do it again.”
[Leave twice?! -ed.]
‘Thousands of people leaving BC for other provinces: Some Vancouverites not surprised, blaming jobs and expensive housing’, news1130.com, 16 Aug 2012 [hat-tip RESkeptic]

“Young people are leaving B.C. for other provinces at the fastest rate in years, raising concerns about a sputtering economy and unaffordable housing.
The latest numbers from B.C. Stats show that from January to March this year, 2,554 people left B.C. for other provinces. That’s an alarming jump that continues a negative trend started in 2011, when B.C. logged a net migration loss interprovincially of 1,920.
In an interview Wednesday Helmut Pastrick, chief economist for Central Credit Union 1, said B.C.’s negative migration “seems to be accelerating.”
Pastrick said those leaving B.C tend to be young people looking for better employment opportunities, but there also could be a “push and pull” factor of younger families seeking both better jobs and more affordable homes in other provinces. …
B.C. NDP leader Adrian Dix said interprovincial migration is “complicated” and B.C.’s negative trend covers a short period, so he doesn’t want to jump to conclusions.
But housing affordability and B.C.’s habit of exporting raw resources without developing manufacturing jobs are likely culprits, he said.
“If this trend continues in the coming quarters it is not good for the economy or the government’s record,” Dix said. “We have to focus on making things and manufacturing in a consistent way, and training our [workforce].”
B.C. Finance Minister Kevin Falcon was not available for an interview for this story.”

– from ‘Young people fleeing B.C. in big numbers: Are bad economy and pricey housing to blame?’, The Province, 16 Aug 2012

For dozens of other stories in this vein, see the ‘Avoiding Vancouver‘ sidebar category.
The bubble has been bad for our society.
– vreaa

50 responses to ““Young people are leaving B.C. for other provinces at the fastest rate in years, raising concerns about a sputtering economy and unaffordable housing.”

  1. I for one know that I dont like live in some socialist hippies communist paradise idea of living in any “community” or ” society”. We live in a “MARKET” people. and if you cant get off your lazy welfare bottom to get out and work to make your place in this MARKET then move to Surrey. and if you cant afford Surrey then move to Mission.
    If you have to commute to Vancouver 4 hours return everyday to clean the toilets in my westside pad. Then you should have thought of that when you were smoking dope in high school and were born to such low class people.
    In this MARKET there is no room for the weak, the poor or the stupid. But especially the poor. You can always move to Prince George..or even Kamloops.. hahaha

    signed
    Joe Georkoff
    Lord Byng Class of ’73

    • These pretzels are making me thirsty

      What a troll !! lol

    • After spending too much time one blogs like these I can’t tell if this is someone being serious or just your average interwebz dickhead.

      The problem with the internet is that no one knows you’re a cat.

      • Pretzels...thirsty

        Did not notice this before but the guy has signed as “Georkoff”. Probably trying to be funny

    • George Kastansa

      I love this post as it highlights the level of stupidity and ignorance that is so widespread online. Unfortunately for Jerkoff the case was probably that he was abused as a child and that probably peaked while he was at Lord Byng. Jerkoff, I hope that you can find a happy place in your life before it is too late.

    • [NoteToPaulS: There’s an excellent ‘breeding’ subtext in that clip. You might like it!]

  2. “We have to focus on making things and manufacturing in a consistent way, and training our [workforce].”

    Statscan appears to be reclassifying construction jobs as manufacturing. Something to look at in more detail if one’s worried about the validity of a rebound in manufacturing.
    http://twitpic.com/ahrw27

    • Never mind StatsCan’s taxonomy, Dr. J… ElHarpo, in his infinite wisdom has decided to dismantle the ‘DirtyLaundry’ Boyz ‘n Girlz (and no, I’m not referencing the Vintner)… Well! We might as well print engraved invitations…

      http://tinyurl.com/8qbj5aq

      [NoteToEd: in certain circles the MapleSyrupRepublic is renowned as the laxest enforcement regime on the planet. Seriously. Still, it’s nice to be good at something.]

      • I seem to remember Andrew Coyne once opining that people elect the governments they deserve. Of course that comment was made over a decade ago now.

        The taxonomy does matter, but look what the chickens have managed to do: http://cjme.com/story/saskatchewan-surpass-bc-2012-exports/70016

        Saskatchewan to surpass B.C. in 2012 exports
        Saskatchewan is in an export boom and will surpass B.C. in total exports for the first time by the end of the year if the trend continues.

        “The world needs what Saskatchewan has,” said Lionel Labelle, with the Saskatchewan Trade and Export Partnership.

        “Clearly we have very, very big strengths in the agricultural industry, we have huge strengths in oil and gas. We have significant strengths in the potash industry, uranium, and our manufacturing sector, particularly in the sector of (agriculture) manufacturing is very, very strong.”

        May I state for the record, when it comes to exports of “the flesh”, BC is still most likely in the lead.

      • It appears that Saskatchewan is still well behind BC in exporting winning football teams.

  3. granite countertop

    About “he’s done it before and could do it again”:
    Maybe he’s talking about leaving whereever he was before Vancouver.

    That’s the thing about having an immigrant based population. Bulls thinks it means we’ll have a steady stream of newcomers. I see people who packed up their life and moved for better opportunities, who could do it again if Vancouver doesn’t pan out. And Vancouver is not the land of economic opportunity many thought it would be.

    • Good insight. Having grown up in boom-bust cycle Calgary, I can attest to how plastic the population can be. Since the 1970s, a very large portion of the city’s population is there to make money and leave (which is probably why it’s taken so long to build up a sort of metropolitan culture there.) When I was young, probably half of all my friends were BC or Maritimes economic refugees.

    • granite -> “Maybe he’s talking about leaving whereever he was before Vancouver.”

      good point

    • Yup. There 300,000 “Canadians” in Hong Kong. They either bought their citizenship or mom came over here and popped them out to give them their security blanket passport. Their commitment to Canada is obviously a mile wide and an inch deep compared top their commitment to the almighty dollar. And they’re likely still locking up valuable real estate as a vacation getaway-we’ve all seen the West Side and Richmond homes with the tattered looking Christmas lights and wreaths still clinging to them in August!

  4. it’s not emigration that B.C. should be worried about, it’s rising mortality rates, people who leave via the cemetery gates. Here is your wealth generation, the bully boomer who lived his or her life consuming the fat of the lamb, provided for by the 60’s born generation, who are now in hoc up to their eyeballs.

  5. “without developing manufacturing jobs are likely culprits”

    incorrect. This is a typical foil used by the MSM to blame the little guy. If we didn’t export the rawest form of raw materials, we’d have boat loads upon boat loads of people from everywhere in the world coming to B.C. to work in factories, and the eventual headache of dealing with their unsustainable breeding.

    It’s very easy to decipher the MSM, they deal from the perspective of your inability to control your nuts or ovaries.

    • But if we processed the raw materials here we wouldn’t be exporting our pollution to China. The white-upper class pseudohippy NIMBY that control our public policy wouldn’t like that much.

    • That was from a quote attributed to Adrian Dix, not a comment by the authors of the piece. But I also disagree with your bizarre positions against manufacturing and against attracting immigrants. We need to diversify our economy, the vitality of which is greatly aided by continued immigration. The devil’s in the details, of course – investor-class immigrants should be making productive investments (the sort that actually generate employment and contribute to the economy) rather than just buying and holding property.

  6. i’m totally against manufacturing jobs. Let the ignoramus work in his factory. I strongly advocate technology for the mundane work. As Canada is enormously wealthy in raw materials, and those commodities remain relatively high price, there is no reason to distract yourself with common work, just live off the government flow thru profit. (in terms of social programs). Spend your time studying and practicing spiritual transformation, evolve your being into a higher state.

  7. Infographic: Vancouver Detached Home Price vs Government Intervention.

    Kinda hard to disagree with what really drove the market to this point. It wasn’t HAM as many assume.

    • Very nice graphic, thanks for sharing. I’ll likely headline it (with citation, of course).
      And, as you know, our longterm belief has been that HAM is just a subplot, of very modest direct effect, of larger indirect effect through the fact that many locals overextended themselves into RE based on the HAM story.
      Locals armed with cheap money and with visions of ever rising prices are the real story, and your graphic shows some of that.

      • I agree. I calculated an estimate assuming Van’s investor class each buying a $1.5M home over the last 4 years. This equated to an average of 3.5% of Van’s annual sales volume. So much for that.

        What is most puzzling about BC’s market is how new property buyers have leveraged themselves to a whopping average of $374,986 as of 2010. That is 62% greater then Ontario’s $231,345.

        With BC’s household median income 7% lower then Ontario and falling, it would impossible for these households to be qualifying for homes so many times their income, leaving the only assumption that dominates every bubble throughout the world. Fraudulent loans.

        The time will come when all is exposed.

      • To paraphrase our good friends at the Scotia, IllustriousEd… “It’s bigger than you think.”

        Really.

    • Watchdog -> Looking at the graphic, another possible point: Didn’t we later discover that the Canadian Government backed the Canadian banks with liquidity/direct loans during the 2008 crisis?

      • That’s included and at the time was called the Enhanced Financing Framework. I watched the whole thing unfold when nobody was paying attention as CBC and the rest of MSM were running full coverage of the U.S. crises. Only years later did analysts realize it was a backdoor bailout via CMHC repos with banks.

        Overall, the recovery cost the government $200 billion which was equal to 12% of GDP in 2008.

    • Renters Revenge

      High time to get government and the central planners out of housing markets.

    • Nice chart. Looks like someone trying to feather the gas on an empty tank to keep up highway speed. Pull off ahead.

    • Nice graphic but the BoC rate (1% in Jan 2009) while true is misleading. It hit 0.25% in April and stayed there until July 2010.

      http://credit.bank-banque-canada.ca/financialconditions

  8. Darn it!

    How can the bubble be kept going if we are losing 2,554 people potential buyers.
    Maybe there were an equal number of potential buyers coming into the province.

  9. Paul S wrote:
    “i’m totally against manufacturing jobs. Let the ignoramus work in his factory. I strongly advocate technology for the mundane work. As Canada is enormously wealthy in raw materials, and those commodities remain relatively high price, there is no reason to distract yourself with common work, just live off the government flow thru profit. (in terms of social programs). Spend your time studying and practicing spiritual transformation, evolve your being into a higher state.”

    Oh great! A nonsensical rant from an arrogant, self-absorbed, delusional, elitist-wannabe, socialist hippie. Just the kind of contributing member of society we need to keep our economy humming – NOT!

    • These pretzels are making me thirsty

      We should all just eat cake!!

    • As someone in the design and manufacture of local consumer goods, I ignored the sentiment. We work hard to make sustainable, ecologically sound and innovative products.

  10. So what’s the deal with Garth’s talk, who’s going ?
    I’m in, probably going to heckle the crap out of him, not !
    Meet up for drinks before/after ?
    Live VREAA tweets ?

  11. I just wanted to point out some failures of the economy outside of credit debt. Anecdotally, of course because I have no figures.

    Most of my friends, degree or no degree, work for $15 per hour or less. I have a friend who works in an office making $12, almost all her coworkers got fired, their workload got mostly dumped on her, and she can’t get a raise to save her life. I know 2 companies who didn’t suffer any losses in 2008, but decided to used the economic downturn as an excuse to stop having Christmas parties. One of those companies, instead, staged a photoshoot with their CEOs so that they could send out glossy panflets to their employees that expressed to them the gratitude that their bosses felt. I know several companies whose policy is to keep new hires on probation for longer than is legal to save money. I know a lady who has years of experience in her field and an English degree who can’t get a job because it isn’t a communications degree. I know a man who has a communications degree who can’t get a job because it’s a worthless degree.

    I know so many stories of crazy corporate greed, low, low pay, and nitpicking over certification. I’m stuck here because of family circumstance, but our luck changed this summer, financially, and we’re going to get out okay. As for all of my basement dwelling single twenty-something friends spending 90% of their earnings on rent, groceries, phone bills and other essentials, they stay because it’s the “best place on earth”. I feel for them. It’s hard to leave. But if they decide to marry and have kids someday, they’ll have to.

    • Most 20 somethings are screwed and always have been, if the student debt doesn’t get you the low paying jobs will. If you survive, by fighting tooth and nail for experience and further education, your 30’s should be easier. It is a painful process but usually the only way.

    • “>As for all of my basement dwelling single twenty-something friends spending 90% of their earnings on rent, groceries, phone bills and other essentials, they stay because it’s the “best place on earth”. I feel for them. It’s hard to leave. But if they decide to marry and have kids someday, they’ll have to.”

      That’s far too many 20-something and early 30-something people I know in Vancouver. Yet they look at me strangely when I tell them that as soon as I finish my degree I’m outta here because there are cities in America with many jobs in my field that are warmer and at least as nice as most large Canadian cities. The whole affordable good health care issue is the only thing that makes me leery about moving south.

  12. nobody you know

    “from January to March this year, 2,554 people left B.C. for other provinces”, which is more than left in all of 2011!

    Kind of amazing when you think that those people were so sick of it here that they packed up and drove through the Rockies to start a new life in who knows where (Edmonton? Regina? Montreal?) in the dead of winter rather than wait just a few more weeks in BC.

    And I just found out my younger sibling is outta here asap so add one more to that list.

    • Well put. Given how negatively I’ve heard so many Vancouverites talk about the rest of the country (if the cities aren’t boring shitholes, it’s hatred towards snow and cold,) the fact that they are willing to make such “sacrifices” tells you just how bad it is.

  13. I moved to Halifax to go to school and I ended up loving it and staying. Just bought a nice 1 br condo in a great area for 200k. The numbers make sense, the unit rented for 1600/month and my mortgage payment is less than half of that.

  14. Moved to Calgary 10 years ago from Vancouver. House was under 400,000, Master bedroom has a fireplace, and there is a good retirement plan at work with great pay. Will go back to BC once I retire to get your socialist benefits for sure.

  15. whipmaster~kerthwhack!

    Vancouver is loov~lay, but it’s not for everyone. But there are other great places in Canada. Buy a place and get it paid off. You will be laughing.

  16. Vancouver..has Times Square, Radio City Music Hall right?

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