I wrote about this earlier on Price Tags-just where are those boomers that are cashing out of those houses moving to? Are they staying in Vancouver? That link is here.
This article from Bloomberg News says that they are moving out of the city at the rate of over 2,300 people annually and causing increased housing prices in their new communities, including Qualicum Beach, Parksville and the Sunshine Coast. Prices jumped 42 per cent there. It is suggested that these boomers cannot find suitable accommodation in Vancouver after their house sells, indicating that there is housing affordability challenges not only for people entering the market, but those seniors attempting to transition to a more compact space. More here
Most sadly the article features two people who have made a remarkable contribution to the City who are now leaving-former City Councillor Jonathan Baker and active Dunbar resident Linda MacAdam. Both of these people cared deeply for their community and were very involved in their neighbourhoods. Not only are we losing seniors, we are losing the neighbourly capacity and knowledge as this group moves elsewhere.
It also sucks for the charities and arts groups that depend on this demographic as donors and volunteers. People with only a part-time commitment to a city don’t tend to get involved.
Boomers moving out from city centres is not unusual. We have this idea that the densification of Vancouver has drawn residents to the centre and this is true. Yes, Vancouver has a substantial stock of recently built condos that are attractive for some older buyers who have contributed to the growth of the city population. Concurrently, there are people moving out. I know of boomer friends heading for the islands and the Sunshine and Parksville coasts.
This is happening in the US too and it really does not have anything to do with China.
http://www.newgeography.com/content/004474-boomers-moving-further-out-and-away
Interesting article although I don’t think you will find much love for Wendell Cox here. I’d also argue that the American experience is much different when you are talking cities like Detroit, St.Louis, Cleveland etc. And outside of NYC and SF no boomers are getting Vancouver-type prices for their homes.
This is good too:
http://www.newgeography.com/content/005185-the-great-vancouver-exodus-why-i-m-almost-ready-leave-city
It seems clear that Vancouver needs a massive townhouse building boom, from UBC lands across to Boundary Road.
I just walked into a showroom for new townhomes in East Van near Clarendon and 41st. 3 bdrm, 1400+ sq ft. and just under $1 million. 🙁
It can be a problem with the loss of long time seniors –their skills, knowledge of neighbourhood and as potential donors to charity causes (skills + money). Their need to cash in on their homes is understandable….after all, nursing care until end of life, costs money. We have to remember this stark reality, when we start complaining/wondering about why they are selling their Vancouver home for a cheaper home somewhere.
Wonder if these same folks are moving to communities that are walkable with nearby services within 15 min. –doctor, dentist, groceries, etc. The terrible reality is…..unless they do choose to situate themselves in well-designed neighbourhood with transit, and recognize they can’t drive (or worse, shouldn’t drive) because of slower reflexes…will be even more housebound.
And I forgot, close to a major hospital with specialist doctors. Meaning within half hr. or less drive. Not needing to be airlifted ..
Then there are seniors who are the opposite, smart enough to foresee they really need to be closer to services and amenities…..in 10-30 yrs.