The Conference Board of Canada predicts fundamental shift in housing by 2030. 80% of Canadian housing sales will be to senior citizens.
Just over 60% of new households will be formed in the 75 plus age cohort. If you include younger seniors the figure jumps to a staggering 81%.
By 2030 four out of every five new households will be formed by people aged 65 and over. In contract to today's situation, growth in households is concentrated in the 45 to 65 age group, while those aged 25 to 34 also comprise a decent share of newly formed households. 20 years out it means much more multi-family houseing, especially condos.
In 2005, 57% of condo owners were over the age of 50, while 17% were over the age of 75.
The Board predicts that the share of multiple housing units will increase from its current 47% to 68% in 2030. As the population ages, construction will shift from single-family dwellings in the suburbs to multi-family, the most dramatic changes will take place by 2030, when the tail end of Boomers retire.
If you believe the demographics, it is pretty evident that there's going to be a fundamental change in housing demand.
Baby Boomers have had a huge impact on the housing market for years and years, and its just because they're such a big cohort in the demographic, being about one third of Canada's population.
Future demand for housing in Vancouver will likely come from immigration.
Conclusion - the future looks good for condo investors!
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