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The increase in foreign investment and the recent changes in mortgage qualifications have not helped first time homebuyer in Vancouver.  In fact it feels more like a concerted effort on the part of the city to drive these young Canadians out of this market.  Even without the weight of tens of thousands of dollars of student debt, many young people simply cannot afford the price of a home in Vancouver.  Consider this fact from The Vancouver Sun’s Bob Ransford: today, the average cost of a home in Metro Vancouver is nearly ten times the median household income.  And the RBC is surprised that young Canadians are waiting another year before buying their first home.  Even for established two-income households, a mortgage of seven hundred thousand dollars, or more, is worthy of at least a moment’s consideration.  What hope does a young, likely-single resident of Vancouver have of owning in this market?

A likely resolution, and that accepted by many Canadians, is to look elsewhere in other markets that are not overly impacted by foreign investment and heightened mortgage qualifications.  Those things that sway a person to look in a certain area – neighbourhood, job prospects, social connections – are seemingly trumped by the sheer cost of housing.  So the question then becomes whether or not these market forces are good for the local economy.  After all, they are driving away the young, educated minds that the GVRD has produced and will produce in the foreseeable future.