A comprehensive survey of Vancouver’s economic and social indicators argues the city lags has work to do when it comes to affordability and transit infrastructure.
The Greater Vancouver Board of Trade measured 20 global cities on a variety of metrics, and found the Vancouver area ranked 9th, receiving an overall “B” grade.
“There are many factors that make the Greater Vancouver region an attractive place for people and businesses. Greater Vancouver’s economy has been among Canada’s best-performing metro economies since 2010 and the region is a diverse and attractive place to live,” said Iain Black, president and CEO of the Greater Vancouver Board of Trade, in a statement.
“But the scorecard results suggest Greater Vancouver still faces significant challenges that if left unaddressed could impact our future economic vitality.”
Vancouver received high marks in low office rents and taxes for businesses, port and airport activity, and a low homicide rate.
However, it lagged behind when it came to housing affordability and underinvestment in roads and transit.
“The region receives “D” grades on housing affordability and proportion of 25–34 year olds,” the report reads.
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“These two results are likely linked, as the metro area is the most expensive region in Canada, which, in turn, makes relocating to Greater Vancouver financially daunting especially for younger people. These two factors represent a major barrier to retaining and attracting talent and business investment.”
The board identified seven challenges for the region to deal with going forward, with the top three issues being “Underinvestment in roads and public transit infrastructure”, “Poor housing affordability”, and “Land scarcity for trade-enabling port expansion.”
The study, considered the most comprehensive analysis done by the Board of Trade in many years, does not account for economic data from 2015.
You can view the entire study here.
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