can families still live in vancouver?
TRANSCRIPT
T H E H I G H C O S T O F H O U S I N G I NV A N C O U V E R I S S P L I T T I N G U P F A M I L I E S .
B U T T H E R E I S A S O L U T I O N . . .
CAN FAMILIES STILLLIVE IN VANCOUVER?
P R E S E N T E D B Y
ClassicLifeCare.com
Despite Vancouver'sbooming job market, thehigh cost of real estate is
forcing younger purchasersto postpone starting a
family, and is even forcingthem out of the city where
they grew up.
VANCOUVER HASBEEN RANKEDTHE "THIRDLEAST-AFFORDABLEHOUSINGMARKET IN THEWORLD"
In terms of affordability
Vancouver ranks worse than
even New York or Boston,
according to research group
Demographia. In just 12 years,
Vancouver’s "affordability
multiple" has jumped from 5.3
to 10.8. Demographia came up
with this multiple by dividing
the median $756,200 median
priced house by Vancouver's
median household income of
$69,700.
Source: www.demographia.com/dhi.pdf
Source: www.rebgv.org/monthlyreports Source: www.bcstats.gov.bc.ca
How much house prices
have increased in Vancouver
from 2015 to 2016.
How much wages have
increased in Vancouver from
2015 to 2016.
25% 3.8%
“Millennials will be the first
generation that is not going
to be better off than their
parents were.”— Melanie
Reuter, Real Estate
Investment Network
Source: www.theglobeandmail.com/life/homeandgarden/realestate/genyisredefininghomeownershipandthebcrealestatemarket/article16906799/
W H A T D O E ST H I S M E A NF O R G E N Y ?
M I L L E N N I A L S A R EB E I N G F O R C E D T O
L E A V E V A N C O U V E R
This breaks up the extended family
leaving their parents and their
grandparents behind.
"No one wants to raise a child on thetenth floor of a condominium."
Source: https://www.reddit.com/r/toronto/comments/42tb6m/landuse_policies_driving_housing_price_spikes_in/czcwu0u
How Stretched FamiliesCan Deal With Vancouver's
Affordability Crisis
Consider"multigenerational living"
“ H u m a n b e i n g s h a v e a l w a y s b e e n d e p e n d e n t o n e x t e n d e d
f a m i l y , a n d w e ’ r e s t a r t i n g t o g e t b a c k t o t h a t , ” — J o h n
G r a h a m , a u t h o r o f A l l i n t h e F a m i l y : A P r a c t i c a l G u i d e t o
S u c c e s s f u l M u l t i g e n e r a t i o n a l L i v i n g .
1) Discuss the the differentcircumstances with your family so thateveryone is on the same page as to whyyou are living together.
If it's a temporary situation, let yourfamily know what your situation is.
2) Define the responsibilitiessurrounding those who need to becared for.
3) Discuss boundaries as a group, asthey must be respected by eachhousehold member, from the youngestto the eldest.
4) Let parents raise their own children.
5) Decide ahead of time who will beresponsible for paying bills.
T I P S F O RS U C C C E S S F U L
M U L T I -G E N E R A T I O N A L
L I V I N G
ClassicLifeCare.comC O N T A C T
Q U E S T I O N S ?
Q U A R T E R L Y
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O N L I N E S T O R E . C O M