Housing crunch in Waterloo Region could affect tech industry
With record high housing prices and a record low number of available listings, it’s a buyer's nightmare in Waterloo Region – and some believe that situation could affect the tech industry's ability to recruit talent.
"We definitely have a lack of supply," said Megan Bell, president of the Kitchener-Waterloo Association of Realtors. "We’ve got more buyers that just keep coming into the market."
Compounding the issue is a severe supply shortage. The number of houses for sale hit an all time low in 2021, 87 per cent lower than the 10 year average.
"I think affordability and housing supply remain really important for our community to get in front of," said Tony La Mantia, president and CEO of the Waterloo Economic Development Corporation,
La Mantia said the scarcity of housing "is a major problem when you talk to leaders in the tech community."
The competition for top tech talent is fierce.
Beyond the paycheque, "people want to be located in a community that has amenities, affordable housing, restaurants, green scapes," said La Mantia.
For these prospective buyers, it’s not just the prices keeping them away, it’s because there are just no houses to buy. Instead people moving to the region are forced to find stop-gap rental housing.
"Before it was maybe a month or two depending on how long the closing date was,” said Bell. “Now you’re seeing four to six months.”
But not all tech companies are feeling the crunch.
The CEO of BitBakery, Wes Worsfold, says his company and many others work remotely, and can hire from anywhere. But he has seen employees who want to live in the region forced to wait it out.
“Probably between six months in a year actively looking, like speaking to a real are going online and looking themselves," said Worsfold.
The fear among some business leaders is employment will shift to other more affordable locations.
"You’re going have to show more flexibility about hiring abroad until housing opens up locally," said La Mantia. "It may also mean you expand different markets because there is more availability of talent (there)."
The worse case scenario is companies move entirely – and that's a very real brick and mortar issue for an industry that exists online.
"I think it could be a consideration but I’d say it’s offset by the proximity of talent particularly at the universities and colleges," said Worsfold.
CTVNews.ca Top Stories
'They needed people inside Air Canada:' Police announce arrests in Pearson gold heist
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
BREAKING Toronto Raptors player Jontay Porter banned from NBA
Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.
WATCH LIVE As GC Strategies partner is admonished by MPs, RCMP confirms search warrant executed
The RCMP confirmed Wednesday it had executed a search warrant at an address registered to GC Strategies. This development comes as MPs are enacting an extraordinary, rarely used parliamentary power, summoning one of its contractors to appear before the House of Commons to be admonished publicly for failing to answer questions related to the ArriveCan app.
Disappointment widespread over budget's proposed $200-month disability benefit funding
Advocacy groups across Canada are expressing widespread disappointment about the amount of funding earmarked in the 2024 federal budget for the long-awaited Canada Disability Benefit.
Earthquake jolts southern Japan
An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, said the Japan Meteorological Agency, without issuing a tsunami warning.
Woman who pressured boyfriend to kill his ex in 2000s granted absences from prison
A woman who pressured her boyfriend into killing his teenage ex more than a decade ago will be allowed to leave prison for weeks at a time.
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
Former Sask. massage therapist who sexually assaulted clients has day parole revoked
A former massage therapist who pleaded guilty to a string of sexual assaults has had his day parole revoked.