Exodus of millennials threatens Metro Vancouver economy
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Location: God's own country
Posted on: 22-05-15 09:53:15
I was working in the housing industry in the GTA as the designer since 2002.
I remember doing the swan hill sub division in 2002/2003 in Thornhill (just north of steels).
Price was just 225 K and the seller (a reputed Italian local builder) sold the sub division with much difficulty.
The housing market picked up in 2005 and was hot till 2008. In end 2008, due to the big housing bust of the USA, the GTA housing market fell. I remember my boss calling a chirstmas party meeting in 2008 and telling how the housing market was now in recession and that almost all housing industry workers were all laid off. Our office had a KIng Ridge subdivision in Brampton (High end) was our boss said that atleast 10% houses will be built in the near term (as the client did not expect any selling for the other 90%) and said that his office was the only one which did not lay more than 25 % off.
I guess after 2010, the housing market had the biggest growth in recent time.
As I said, Buy Buy Buy. Live in one and rent out.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by adamthorat
You won't get the house for $ 50 K less in GTA , you will get it much cheaper..say a $ 700 K house in Vancouver will be $ 500 K in Toronto in a similar comparable area & size/quality of house.
So if its - 10 C in Toronto with 1 feet snow , it will be - 10 C in Montreal, but 2 feet of snow ..lol ..and it will be + 5 C in Vancouver with 6 inches of rain..during the same time in winter.
I think if I buy a 700k house here, it has a better possibility to grow in a few years than the Toronto $500k house. 3 years ago, couple of my friends bought houses between $525k and $550k, and as of today they are sitting on a the same house worth $700k. That too in a suburb. That's - $125k in 3 years, with further potential to grow.
Weather sure is a bigger factor. When I consider the fact that I could walk comfortably outside in December and January when the whole of Canada is piling snow, I feel good and that substantially gives a boost to my health.
But, I agree the housing is crazy here and reaching on a completely different (scary) level altogether.
During my last 8 years, by either God's grace or the timing I haven't been unemployed and found the job when I wanted. I am in IT though.
IT market is booming, Finance also has jobs with the Banking/financial institution, Mining headquarters are aplenty. We don't have many Headquarters for Retail, Services, and Manufacturing, but still it's not bad if you have skills. Toronto is much bigger, but Vancouver is not that bad either. With low immigration relative to GTA, the competition is not bad either.
I can tell from my circle of friends - all have been employed with the high paying jobs and flourishing. None of them ever want to move elsewhere in Canada, except me 
. All of them enjoying a strong Real Estate market. No all are sad due to the prevalent housing market. Depends, which side of the fence you are on.
Another positive - proximity to Seattle (2.5-3 hrs drive). Much bigger job market and mobility, if you are a Canadian Citizen.
Yes, of-course you would require a permit to work in US. I heard it's easier than obtaining H1B. So far, I only heard about IT professionals. Not much for the other fields, except may be Engineers, Doctors, Scientists.
It's hard for a Mechanical Engineer to get a job here in Vancouver. As TK puts it, what applies to GTA applies here as well - IT, Finance, and Services rule the most. One of a friend's son graduated from UBC Mechanical Engg and then Masters from SFU. Idle for close to 8 months and now got a job. He told me, his friends that did IT got double the salary than him. So, not a bright chance for an Internationally trained Mech. Engg.
One of my friend is Sales Engineer and did Bachelors in Power Engineering from India. He's with Siemens and doing pretty good.
My suggestion is to:
1. Touch base with the recruiters and see online job postings to get an idea.
2. Try jumping to ship to other areas of Sales. May be, get a Real Estate license down the line . If you're good at sales, then sell houses - hottest commodity right now.
3. Come here, give yourself 6 months to an year and ready to move to GTA or Alberta if things won't work out.
Location: God's own country
Posted on: 23-05-15 03:26:34
Classic example of "There is no free Lunch".
If vancouver was a great place to find / get jobs, trust me, many Gora's and Desi's would be there by now. Who wants to suffer (esp. Gora's) in deep snow and ice.
So you must be very very careful when relocating to Vancouver.
As I am aware of, Vancouver is very good for Single parents (free welfare, nice weather etc..), IT people (again a much smaller than what is there in the GTA), Finance & banking (always jobs handling money are hot all over the world), services industry ( Bartenders, Event managers, tourism operators).
It was and is news to me that many mining companies have their HQ's there but I am guessing that it will be limited to only office staff doing mining deals / lease deals).
I would warn / advise Desi's (new and senior people) not to jump the guns and relocate to Vancouver unless you fit into the above catagory. Otherwise you will be in trouble.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
Classic example of "There is no free Lunch".
If vancouver was a great place to find / get jobs, trust me, many Gora's and Desi's would be there by now. Who wants to suffer (esp. Gora's) in deep snow and ice.
So you must be very very careful when relocating to Vancouver.
As I am aware of, Vancouver is very good for Single parents (free welfare, nice weather etc..), IT people (again a much smaller than what is there in the GTA), Finance & banking (always jobs handling money are hot all over the world), services industry ( Bartenders, Event managers, tourism operators).
It was and is news to me that many mining companies have their HQ's there but I am guessing that it will be limited to only office staff doing mining deals / lease deals).
I would warn / advise Desi's (new and senior people) not to jump the guns and relocate to Vancouver unless you fit into the above catagory. Otherwise you will be in trouble.
Murali
TK, I somewhat disagree with you. I am yet to come acroos anyone with the sikills and education who is remained unemployed for a long time. I am in IT and when landed in GTA, didn't receive a single call in an year from the IT companies. So, for a new immigrant, the situation is same everywhere.
As I said, all my acquiaintances and friends that belong to a diverse sectors are doing quite excellent here in BC.
For the house prices, you get what you pay. Weather is the biggest factor, cleaner environment (no smog), and overall quality if life is anytime better than GTA. GTA has its own advantages, but saying people's career is doomed here is an over-statement.
All this unaffordability talk and news is because youngsters can't able to afford a house orCondo or a townhouse in Vancouver proper. Really? If they can and want, one could find quite an affordable townhouse or a comdo within reach. Why everyone(including me) wants to buy a detached 5000 sq fr house that too wothin Vancouver is beyond my tiny mind. I am myself contemplating to buy a house approx. 45-50 kms from the downtown so I may afford the one. It's simple, find the house that you can afford or just move.
