[URBAN NOTE] "A crisis in Vancouver: The lifeblood of the city is leaving"

[rfmcdonald]

In The Globe and Mail, Gary Mason worries, not unreasonably, about the future of Vancouver. What happens if young people can no longer afford to live in a metropolis?

There is a growing societal divide in Vancouver that is threatening its future.

The city is increasingly becoming an investor haven for the rich. Sure, there are some lucky souls, relatively middle-class people who got into the housing market before prices took off and who are now sitting on a gold mine. Most realize how fortunate they are, the lottery ticket they won.

And they have consciences when it comes to the plight of those who have no hope of buying a house of any description in the city.

By now, everyone has a fairly clear picture of what is taking place; the confluence of factors that have led to the moment at which we have arrived; the global influx of capital, largely from China; low interest rates, a low Canadian dollar – all of which has created a price ascension that is beyond most people’s comprehension.

For many young adults, however, the city increasingly represents a place of which they no longer can afford to be a part. Consequently, Vancouver faces an almost existential threat; what happens when the lifeblood of any community, those in their 20s and 30s, decide to leave?