KITCHENER -- The pressures of high demand and short supply in the housing market are hampering efforts by the tech sector to recruit top talent to Kitchener-Waterloo.
MORE: Housing crunch in Waterloo Region could affect tech industry
The region's booming tech sector is known for attracting entrepreneurs and workers from around the world.
But now that housing prices are sky-high, and available houses scarce, recruitment has hit a speed bump.
"For tech founders it's really clear," said Matthew Bondy, the vice-president of external relations at Kitchener-Waterloo based Communitech. "Their top priorities are talent, talent and talent. When you're looking at a 35 per cent year-over-year appreciation on housing prices it's really concerning in the long-term."
Some wonder if the housing crisis could drive workers to more affordable communities.
"I do see it as an advantage for companies in London and area, because of housing affordability, lifestyle and opportunity," said Christina Fox, CEO of TechAlliance, a regional innovation centre for London and surrounding areas.
London is not immune to the housing crisis, but the impact has not been as severe as in Kitchener-Waterloo. The average detached home is going for $250,000 less in the London area, and the average apartment is about $100,000 cheaper.
"We are ripe for relocation, for anyone who's looking outside of the place that they're living now," said Fox.
Local tech leaders say despite the housing issue, they are confident Kitchener-Waterloo's tech industry remains strong.
"The tech ecosystem is important," said Bondy. "So is the education institutions, so is economic development, so is tourism and social services agencies."
