It’s encouraging that the province is recognizing the importance of retaining young people in the workforce and following through on that pledge. The recent budget contains significant supports encouraging youth to pursue their post-secondary studies on P.E.I. The budget also includes student mentorship programs and other opportunities to help young people enter the workforce.
And it’s encouraging that Charlottetown is also concerned about youth retention. Under the direction of Mayor Clifford Lee, a youth retention advisory board was created that reports back to city council on various issues of concern to young people.
A report from the advisory board this week highlights a problem that poses a serious threat to efforts by province and city - the shortage of affordable housing. The report warns that the issue has reached the crisis point, pricking the perception that P.E.I. is an affordable place to live, work, raise a family and retire.
A recent Royal LePage housing survey indicated that the aggregate price of a home in Charlottetown surged in the first quarter of 2018, rising by 14.8 per cent to $267,498, one of the largest jumps in the country where the national average increase was just 6.2 per cent.
The average price of a Canadian home is $605,512, which still makes P.E.I. attractive - if you have money saved or a high-paying job. But for a graduating student, with debts and bills to pay and earning an average salary, it’s a difficult situation.
Things are not much better when it comes to renting an apartment. There is a record low vacancy rate of less than one per cent today and waiting lists for apartments even as new buildings are sprouting everywhere. It’s hard to find a good apartment in downtown Charlottetown for $1,000-$1,200 a month.
On average, shelter costs should be about 30 per cent of income. But the advisory board says that 56 per cent of youth who participated in a survey reported spending more than that on housing.
The housing market is reacting to pressure from both newcomers and those nearing retirement. Many newcomers to Canada have come to the Island to take advantage of the region’s affordable property values, while baby boomers arrive to find the retirement property of their dreams. It’s a tough combination for young people. P.E.I. is coming off one of its busiest construction years in history and it’s still not easing the housing shortage.
The board offered a number of recommendations to the city to address the crisis of housing affordability and accessibility for young people, while Mayor Lee promises Charlottetown will soon address the issue. The province recently announced that it will spend $17 million over the next two years to create 1,000 affordable housing units. It all helps.
Young Islanders might dream of attending university or college here, finding a good job and becoming part of the booming economy, but when they can’t afford a starter home or a decent apartment, it certainly casts a damper on youth retention programs. Decisive action is needed.
