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Originally Posted by rubecube
This is something I'm wondering as well. For all of those boomers who are sitting on big houses in the suburbs, happily thinking they'll cash-in when they downsize, who do they think is going to be buying these homes? Millennials are living in the cities and having smaller numbers of kids or no kids at all.
I kinda think more than a few are going to end up taking a bath on houses, or at least taking less than they were expecting, when the time comes to sell.
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The entire property market is going to be in major flux in 15 years. Suburbs are going to take a major hit, I would guess. A good question is what is going to happen to inner city homes - they likely will still do well, but not entirely sure. I think it would be a market by market response.
The condo market is interesting as well. Will we see a number of Gen-X ers are going to find themselves inheriting condos that were being used as investment property, or will the boomers themselves finally move into those condos? Will we see a great swap, where the Millennials living in those condos will move to the now cheap suburbs that the Boomers are fleeing - for the condos that the Millennials are being kicked out of? That would be my guess - and I actually think that the swap might also result in a massive re-distribution of wealth at the same time, but I don't know, Boomers have done a great job in ensuring that they have always come out ahead.
In addition, the recreational property market will be very interesting as well, there will be a lot of shake-up in cottage properties. Many of the kids will have issues with splitting the property, and instead will sell. Others will want to travel more instead, and not want to hold and maintain an expensive out of town property.
There are going to be a lot of moving parts going forward. The real trick is to try to figure out what different directions the market might go, so we can understand it better when it starts happening.