Millennials are moving in different ways than the generations preceding them.
A pragmatic bunch, they are more inclined towards public transit – low cost transportation while also allowing them to stay connected and social with friends and work on their way to, and from their destinations. With cost savings and fitness in mind, they are also beginning to make up a large number of the cyclists on roads in most areas.
But, transportation isn’t the only way in which this generation, born between 1981 and 1999, is moving.
With the cost of real estate climbing in most cities, young adults are looking for affordable alternatives to cities like Vancouver where they can more readily buy a home, raise a family and still enjoy some of the amenities they value, such as yoga classes, cafes, culture and social outlets.
In the wake of what is being referred to as “an affordability crisis”, a new Vancity report warns that high real estate prices paired with stagnant wages sees Vancouver facing something of an exodus of Millennials to smaller, more affordable communities such as Squamish, the Okanagan and the West Kootenay.
Within a decade, only a few jobs considered in-demand – such as senior business and construction managers – will pay enough for young workers to afford the typical mortgage in Metro Vancouver.
This bodes well for the west Kootenay, with, for example, a growing Tech sector and other industry, there will be more to offer young people looking for the combination of lifestyle, affordability and amenities.
To read more about the Millennial exodus from Vancouver click HERE.