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
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
BREAKING Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The World Health Organization said on Friday that the current overall public health risk posed by H5N1 bird flu virus is low, but for those with exposure to infected birds or animals the risk of infection is considered low-to-moderate.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.