Millennials are those born between 1981 and 2001 and the report looks ahead to 2036, when the average Millennial will be in his or her 40s.
A recent CMHC report forecasts the impact the Millennial generation will have on housing in Canada.
By 2036, slightly over 1/3 of all Canadian households will be Millennials; that will be between 5.5 million (lowest growth scenario) and 7 million (highest growth scenario) households. In all scenarios, about 72% of these Millennial households will own their home (slightly higher than the current countrywide ownership percentage), with about 60% of those in single-detached houses.
To achieve those projections, the report forecasts an average annual increase in the number of Millennial-owned households to be between 135,000 and 177,000 units, country-wide.
So, like we do, CMHC has confidence that Millennials will see the benefits and reap the rewards of home ownership, just as their parents did: not just security, but rent-free living in your golden years.
The Latest Census Data
BC’s population grew by 5.6% from 2011 to 2016, according to the latest census data from StatsCan. Overall, Canada grew by just 5% in the same time, but the population of Greater Vancouver increased 6.5% in that period.
In the same five years, North Vancouver City grew by 9.8% to just under 53,000 people, and North Van District by only 1.8% to about 86,000 residents. West Vancouver actually lost about 220 people. For comparison, Coquitlam also grew by 9.8% and Surrey by 10.6%.
An average of 2.56 people live in each “usually occupied” dwelling in Greater Vancouver, just slightly higher than the average for the province as a whole. In North Van City, the average number of people per dwelling is lower at 2.14, and the District, not surprisingly with its higher proportion of families, is at 2.76 per dwelling.
As our population continues to grow, these stats should provide some indication of the continuing demand for housing in the region. And as always, demand drives markets.
Source: Statistics Canada
Canada # 1 and # 2. Again.
For the second year in a row, Canada was named the #2 Best Country in the World.
In the same survey, and also for the second year in a row, Canada was ranked #1 for Quality of Life, one of the major categories in the overall “Best Country” calculation.
In the list of Best Countries, Switzerland was #1, the UK #3 and Germany #4. The full list of countries and categories can be found at www.usnews.com
The ranking was prepared by US News & World Report, in partnership with Y&R’s BAV (Brand Asset Valuator) and Wharton School of Business.
This – in combination with great schools and our position on the Pacific Rim, with easy access to the US – indicates that, although the 15% foreign buyer tax may slow the market a bit, the Vancouver area is always going to be a magnet for foreign investment in real estate. And a “75 cent dollar” just reinforces that.