The Hongcouver | Fixing Vancouver’s woeful wages won’t end the housing affordability crisis
The discussion about low incomes is overdue, but home prices remain the real issue
It’s usually Vancouver’s crazy house prices that get the headlines, but the other side of the affordability equation – incomes – have been getting some attention too, lately.
What with all the N-plated Ferraris and C$100 yoga pants, it’s easy to overlook the fact that incomes in Vancouver are among the lowest in Canada. Across the various municipalities that make up Metro Vancouver, the median household income was C$63,347 in 2011, while in the City of Vancouver itself, epicentre of one of the world’s greatest real estate price booms, it was a truly paltry C$56,113.
Longshot Vancouver mayoral candidate Meena Wong, of the left-leaning Coalition of Progressive Electors (COPE), helped get the discussion rolling with a pledge to introduce a “living wage” of C$15 an hour for employees of the city.
Then, on September 24, urban planner Andy Yan delivered a presentation to civics buffs that included a jaw-dropper of a stat: Vancouver ranked dead-last among Canada’s 10 biggest cities when it came to the median income of 25-55-year-olds with degrees. And at C$41,981, there was daylight between Vancouver and ninth-placed Montreal (C$47,276). Ottawa led the way with C$62,202, and the national figure was C$50,981.
It’s a devastating statistic, and the discussion about incomes is very worthwhile and long overdue.