61% of Vancouver residents considering leaving region due to housing: survey

61% of Vancouver residents considering leaving region due to housing affordability: survey

The Burnaby Metrotown skyline from the lounge at Cineplex VIP Cinemas Brentwood at The Amazing Brentwood. (Kenneth Chan/Daily Hive)

Unaffordable housing costs and quality of life concerns are forcing more Metro Vancouver residents into the crossroads of deciding whether to move out of this region.

Over half (52%) of residents across the region have considered moving away from the region due to these concerns, according to a new survey by Mustel Group. This is up from 46% in a similar survey conducted in 2018.

You might also like:

Those who are most likely to think about leaving Canada’s third most populated urban region are those between the ages of 18 to 34 (71%) and residents of the City of Vancouver (61%).

The group least likely to consider moving are residents in the southwest sub-region (30%) of Metro Vancouver, which entails the areas of Richmond, South Delta, and Tsawwassen.

Both residents, and municipal politicians and candidates running in the October civic election are supportive of their municipal government accelerating the development of affordable housing, with support levels of 75% and 80%, respectively.

The vast majority also agreed that it is important to ensure essential workers can afford to live in the community near where they work, with 83% of residents and 92% of politicians/candidates agreeing.

A separate Leger survey commissioned by RE/MAX, conducted early this summer, also found that 64% of Canadians are willing to relocate if it means they can afford a home. But 50% indicated the farthest they would go would be less than 100 km, with 56% saying that moving to a different neighbourhood or community would be one of the top three sacrifices they would make, and 38% would make the sacrifice of moving to a different city, region, or province, regardless of distance.

The rental residential market is also experiencing skyrocketing rate increases due to the return of students, high immigration, high employment, strong economic activity, high inflation, low supply, and high interest rates, which is sending prospective homebuyers into the rental market. The current housing slowdown due to high borrowing costs, and soaring costs for construction materials and labour is also hurting the viability of new rental housing projects.

For those looking to own a home, prices in the region have escalated by as much as a third compared to just before the pandemic.

High home prices coupled with high inflation for everyday consumer goods are putting more households in a difficult financial situation.

The business community’s hardship from growing affordability issues was also gauged, with 36% suggesting they are considering relocating out of Metro Vancouver. This is almost unchanged from the 37% who suggested the same in 2018.

Businesses requiring major industrial spaces are particularly challenged, with previous industry reports suggesting a growing number of businesses in need of warehouse and logistics spaces are looking to the Fraser Valley or even the BC Interior, Calgary, and Edmonton. This is due to a shortage of space, which is pushing up industrial rents.

The business group states it formally presented the survey’s findings to municipal politicians and candidates this week, which is based on a random sample of 500 adults in Metro Vancouver (residents), 180 members of GVBOT (businesses), and 65 current mayors and councillors, and candidates (politicians) in the upcoming election. The survey was conducted last month.

The civic election is scheduled for October 15, 2022.

You might also like: