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
Trudeau acknowledges charges in Nijjar killing, calls for commitment to democracy
Prime Minister Justin Trudeau has acknowledged the charges laid Friday in relation to the murder of B.C. Sikh activist Hardeep Singh Nijjar.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.