A staggering 34 per cent of Metro Vancouver homeowners say they are planning to sell their expensive homes and move to more affordable markets in the next five years, according to a new study conducted by Insights West for Resonance Consultancy, a global advisor on real estate, and economic development.
Even more alarming for employers is that 40 per cent of gen-X (aged 35 to 54) homeowners in Metro Vancouver said they are considering cashing in and getting out. This decreases to 35 per cent among millennials and 28 per cent among boomer homeowners.
“Potentially losing 40 per cent of the management-age population could have serious implications for the future of Vancouver’s economy,” warned Chris Fair, president of Resonance Consultancy. “Even if half of that divestment is re-allocated
to more affordable housing in the Lower Mainland, there is the threat of thousands of middle managers and senior leaders leaving local companies already struggling with finding staff.”
“I would leave if I got a good offer,” said millennial Kevan O’Brien, 30. “I want to buy a house before I am 35.”
Despite a recent slump in Metro Vancouver housing sales, the benchmark price for a detached house remains a Canada-high $1.48 million. The typical condo apartment sells for $510,000, according to the Real Estate Board of Greater Vancouver.
