Shannon Realty

Living and Selling Greater Vancouver

Go to Jeff Shannon on FaceBookGo to Jeff Shannon on TwitterGo to Jeff Shannon on LinkedInGo to Jeff Shannon on Instagram

604.649.6058

jeff@shannonrealty.ca
 


Sorry we are experiencing system issues. Please try again.
  • Home
  • Featured Listings
    • Recently Sold
  • Search
    • Property Search
    • North Vancouver Detached
    • North Vancouver 1/2 Duplexes $800,000 and Over
    • North Vancouver Townhouses $700,000 and Over
    • North Vancouver Apartments $450,000 and Over
  • Property Organizer
  • Advise & Tools
    • Request a Property Valuation
    • Email Alerts
    • Property Organizer
    • What You Should Expect from a REALTOR?
    • Steps & Costs Related to Home Buying
    • Condominiums – Buying Strata
    • Trades List
    • Activities and Attractions around Greater Vancouver
  • About Jeff
    • Six Reasons to Call Me First…
  • Contact Jeff

Millennials: Not a Lost Generation After All

May 23, 2016 by Editor

Millennials: not a lost generationCanadian Millennials Are Prospering

“The current generation of millennials is, on average, wealthier than previous generations of young Canadians,”

says a report from the Canadian Department of Finance, though with some cautionary notes. And these well-to-do, youthful Canadians are prospering far more than their counterparts in the United States, Britain and Australia, where “younger generations are no longer successively wealthier.”

Young Canadians born in the first half of the 1980’s had an average net worth of close to $93,000 per adult. In contrast, previous generations of young Canadians had an average net worth of about $60,000 per adult – 35% less once adjusted for inflation.

Of course averages tell only part of the story; as with all demographics the wealth distribution among millennials is not even, with “stronger wealth gains at the top of the income distribution.”

Interestingly, yet to come for the millennials is a potentially huge transfer of wealth from their aging baby boomer parents. A recent Vancity report says the so-called “bank of mom and dad” is sitting on $157 billion worth of clear-title real estate in the Lower Mainland alone.

Millennial population growing

Recent statistics are showing that the percentage of 20-34 year olds has increased significantly in the Metro Vancouver area over the past 10 years. British Columbia Stats reveal that the Millennial population grew 9.5% in the City of Vancouver and 18% in the Metro Vancouver area of the last 10 years. As of 2015 there were an estimated 569,000 millennials in the metro region. 

Millennials Buying into the Vancouver Lifestyle

Despite the high cost of housing it seems that Millennials are drawn to Vancouver’s lifestyle and not retreating from the market. 

Sources: CBC News, The Vancouver Sun, Financial Post, British Columbia Real Estate Association.

Share this:

  • Print
  • Email
  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

Monthly Articles

Newsletter Available

Jeff shares his knowledge through his monthly newsletter. Sign up with your email address now.

 

Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

PROPERTY SEARCH
Our Listings
Map Search
Advanced Search
Property Organizer

RESOURCES
Articles
Trades List
Valuation Request
Email Alerts
Activities & Attractions

 
Home

Contact Jeff
About Jeff

Go to Jeff Shannon on FaceBookGo to Jeff Shannon on TwitterGo to Jeff Shannon on LinkedInGo to Jeff Shannon on Instagram
js-team3000

© 2023 · Shannon Realty · Built by Pharos Internet Solutions Ltd.