Boomers will churn B.C. housing market

August 16, 2018

Baby boomers, those now mostly aged in their 60s, will create a churn in British Columbia’s housing market, where more than a quarter of boomers are banking on housing to fund their retirement. This is the highest rate in the country, according to a survey by Royal LePage, a national real estate firm.
The survey found that 43 per cent of B.C. boomers plan to sell their principal residence and the same amount would consider purchasing a condominium for their next home.
Thirty-seven per cent would be willing to move to a new area in search of affordability.
“More and more we’re seeing baby boomers in British Columbia downsizing from a detached home to a condominium,” said Michael Trites, managing broker, Royal LePage Northstar Realty. “Increasingly they are transitioning into condos to unlock some of the equity they have built up in their homes.”
A vast majority (88 per cent) of boomers in B.C. believe that real estate is a good investment, and 42 per cent of respondents with children stated that they would be willing to subsidize their purchase of a home.
Home to some of the most expensive markets in the county, only 19 per cent of boomers in B.C. consider the housing market in their region affordable – the lowest rate in the county.