Real Estate in Qualicum Beach, Parksville, and Nanoose Bay
Anchor Realty 113 West 2nd Avenue
Qualicum Beach, BC Canada
(250) 667-0719
RE/MAX Balloon

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.

Listings by Community

Featured Listing

Video Tours

Search by Price

Price:
 
Sort order:
Results/page:

Listings by Type

Nancy's Picks

Community Info

Community Resources

Community Videos