40% of Gen X homeowners in Vancouver planning to cash in and leave: survey
The trend could leave Vancouver companies struggling to replace management-level employees, says company that commissioned poll
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A high percentage of professional Vancouverites in mid-life — the “management class” — are thinking of cashing in on their houses and moving away from the city, according to a December report commissioned by Resonance Consultancy.
The 60-page report, called The Future of BC Housing, was released Dec. 16, but the company is now drawing attention to this aspect of the data, which could have a big impact on Metro Vancouver’s economy, said Tom Gierasimczuk, vice president of the “place branding” and marketing firm.
The poll, conducted by Insights West, found that 40 per cent of Vancouver homeowners in Generation X (35 to 54) were planning to sell their home and move to a more affordable city. Of Millennials (18 to 34), 35 per cent planned to make the same move, compared to 28 per cent of boomers.
“That’s a massive outflow of potential leaders,” said Gierasimczuk. “It’s going to have big implications for Vancouver already dealing with not enough talent and not enough of a competitive large headquarter set compared to Calgary, compared to Toronto.”
The survey also shows that B.C.’s recently introduced tax on foreign buyers in Metro Vancouver, and the falling home prices that have followed, are causing angst among homeowners, Gierasimczuk said.
“It’s a combination of the (real estate) bubble, it’s a combination of foreign investment, that foreign investment that was fuelling the bubble now begin torn out from people who have been planning their retirement around their nest egg,” he said.
The Insights West poll surveyed 1,714 British Columbians between Oct. 13 and Oct. 31. It has a margin or error of plus or minus 2.4 percentage points.