Vancouver's housing crisis
If you don't have one million dollars, you probably cannot buy a home in Vancouver, Canada's hottest real estate region. Soaring city housing prices have frustrated many young professionals who find it increasingly difficult to own or even rent a home. One person took her frustration out on Twitter. Eveline Xia started tweeting in March about housing affordability in Vancouver using #DontHave1Million. The hashtag went viral as it struck a chord with many in the city.
Over the weekend hundreds of people attended a rally organised by Vancouverites for Affordable Housing to protest the high cost of homes and call for a "national housing strategy". Vancouver Mayor Gregor Robertson did not attend the rally but said the city is doing what it can to make the housing market more affordable. However, he said more action is needed by provincial and federal governments.
The average price for a single-family home now tops $1 million Canadian dollars, according to statistics from the Real Estate Board of Greater Vancouver. That's up more than 8 per cent from 2014 and more than 27 per cent from five years ago. Despite this, demand for these homes remains on the rise.
A recent study found that Vancouver's high real estate costs are driving workers out of the city and could cause a labour crisis. The study says housing costs increased by 63 per cent between 2001 and 2014.
So what will it take to make Vancouver's housing prices more affordable for its millennials? We discuss at 1930GMT.
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