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Millenials are About to Enter the Single Family Home Market (Sept /2020)

Home > Market News > Nancy’s Blog > Millenials are About to Enter the Single Family Home Market (Sept /2020)

Compounded on the Retiring Baby-Boomers, will Impact the Sellers Market

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Sep 3rd, 2020 at 8:44 pm

Some sales data out of the USA is suggesting the recent PPP money has padded the millenial bank accounts so a substantial down payment is possible. Other data confirms many families are leaving the large metro centers, looking for smaller communities. In our family alone, the thirty-something kids are having babies, and apartment/condo living is not what they perceive as a beneficial environment. The millenials are the second largest population group behind the baby-boomers who are now retiring at a phenomenal rate. Sadly, many of those retiring baby-boomers will not survive their sixties, so wealth transfer is to become one of the largest in North American history. This transfer of wealth will directly benefit the millenials.

None of this bodes well for Vancouver Island prices and inventory as construction is not keeping up with demand due to labour shortages, skill trades shortages and now the Covid-19 pandemic. Initial projections placed Vancouver Island to have a very busy and aggressive market for the next ten years. If the millenials start desiringing the Vancouver Island lifestyle, this may exacerbate the tough market for buyers.

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$5,449,000 - 4,378 sqft • 3 bdrm Qualicum Beach
$4,250,000 - 3,844 sqft • 3 bdrm Nanoose Bay
$3,995,000 - 3,627 sqft • 4 bdrm Parksville
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$1,850,000 - 3,168 sqft • 5 bdrm Courtesy BC Assessment Nanaimo
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$1,799,000 - 1,892 sqft • 4 bdrm Nanoose Bay
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$1,598,000 - 4,203 sqft • 3 bdrm Bowser/Deep Bay
$1,574,900 - 3,271 sqft • 4 bdrm Parksville
$1,479,000 - 2,162 sqft • 3 bdrm Bowser/Deep Bay
$1,474,900 - 2,530 sqft • 3 bdrm Nanoose Bay
$1,350,000 - 2,189 sqft • 4 bdrm Nanoose Bay
$1,350,000 - 3,646 sqft • 4 bdrm Qualicum Beach
$1,350,000 - 3,382 sqft • 5 bdrm Qualicum Beach
$1,299,000 - 1,831 sqft • 3 bdrm Qualicum Beach
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$1,100,000 - 2,089 sqft • 4 bdrm SOLD March /2024 Nanoose Bay
$999,900 - 1,097 sqft • 3 bdrm Nanoose Bay
$999,888 - 1,829 sqft • 3 bdrm SOLD April /2024 Qualicum Beach
$975,000 - 2,271 sqft • 3 bdrm SOLD APRIL /2024 Qualicum Beach
$950,000 - 1,838 sqft • 3 bdrm Parksville
$949,000 - 1,757 sqft • 2 bdrm SOLD February /2024 Parksville
$939,900 - 1,631 sqft • 3 bdrm SOLD March /2024 Qualicum Beach
$915,000 - 1,824 sqft • 3 bdrm Qualicum Beach
$915,000 - 1,770 sqft • 3 bdrm Qualicum Beach
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$899,900 - 0.20 acres Bowser/Deep Bay
$898,000 - 2,000 sqft • 3 bdrm Parksville
$860,000 - 3,040 sqft • 8 bdrm SOLD March 29 /2024 Nanaimo
$849,000 - 1,650 sqft • 3 bdrm Qualicum Beach
$828,000 - acres Courtesy Google Maps Nanoose Bay
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$726,900 - 1,004 sqft • 2 bdrm Indoor pool pleasure Parksville
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$540,000 - 947 sqft • 2 bdrm SOLD September /2023 Parksville
$475,000 - 1,046 sqft • 2 bdrm Parksville
$399,800 - 879 sqft • 2 bdrm SOLD March /2024 Parksville
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