Andrew Reid, founder of Vancouver-based software firm Vision Critical, said the city’s housing market is “borderline ridiculous” compared to other major tech hubs, and it’s posing a challenge for businesses looking to attract new talent.
“It’s not going to change anytime soon. When I do compare it to Silicon Valley, or Toronto, or Chicago, or other large hubs, you recognize that people need to commute,” he told BNN in an interview Monday. “If you’re willing to commute, there’s a lot of great options. It’s just Vancouver and the corridors surrounding [the city] are very expensive and it is a challenge.”
Reid, who launched software applications startup VC Labs in 2016, said “there’s a big talent war” in Vancouver’s technology space right now, and one of the ways the city will have to bring in new talent is via immigration.
With Vancouver’s high home prices, Reid said companies will have to offer more competitive pay if they want to attract that talent.
“I think companies that are here have to be willing to compete on price and make sure we are paying wages that are closer to what you are seeing in other large, major tech hubs around the world,” he said. “It’s definitely a challenge, but there’s no clear-cut solution right now.”