“They are the most populist age group right now in the City of Vancouver, and pretty much on par with the boomers in the rest of Metro Vancouver.”
The Chief Economist at the B.C. Real Estate Association says the numbers don’t back up the idea that millennials are fleeing Metro Vancouver for cheaper climates.
Cameron Muir says a look at the data shows the number of millennials are growing in the region not declining.
Muir says the number of young people aged 20 to 34 years old who bought homes is also on the rise.
“The real challenge in the housing market is the entry point to get into the housing market. So, when I look at housing markets I want to look at the bottom 30% of homes available for sale are they affordable for first time buyers? That is the key thing and prices have gone up dramatically over the past year and younger households are finding it increasingly difficult to find the kind of housing that they want close to where they work.”
He says millennials gravitate to cities for walkability and transit.