It has been Duke of Data Andy Yan who has been reminding us forever that there is a radical disconnect between household income and the price of housing. People working in Metro Vancouver can’t afford to buy housing here.
In 2017 Mr. Yan summed it up this way:
“It’s surprising to me that we have only the 15th highest incomes in Metro Vancouver, even coming behind Toronto. What we learned today is in Vancouver you are living in paradise, but your wages are in purgatory.”
The median household income Mr. Yan was referring to is $72,662. At that time he saw the major issue was how to reconnect local incomes to local housing, noting that needed policy enactment would be different in each city.
Photographer and former editor of Price Tags Ken Ohrn sends along this article by Natalie Obiko Pearson who writes that Amazon. com is expecting to triple its workforce in Vancouver. Why? Because software engineers here are “cheap, smart and plentiful”, like an overabundant agricultural crop.
A conversation with an Amazon vice president revealed that a “weak loonie, lower wages and a steady flow of graduates make Canada an attractive place to expand for tech companies whose largest expense is labour”.
The salaries in Vancouver are substantially less than for similar jobs south of the border, as are office rents.Read more »