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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.
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Things change. Looking at my group of friends when we were 28, we all lived in the inner city or beltline. None of us had kids. We all would have laughed if you suggested we'd ever live in the suburbs.
Flash-forward 10 years. We all had kids. We all lived in the suburbs.
Millennials are having fewer children than Gen Xers, but 10 per cent fewer, not 50 per cent fewer.
I was talking to a younger couple at a BBQ last weekend. They were about 30 and had moved from a downtown condo to a small house in the near south a couple years ago so they could have more space. The woman, who was pregnant, was going on about the huge house her friend had just bought in McKenzie for the same amount they had paid for their small house in the near south. I give it three years before they move to the outer burbs.
Quote:
Originally Posted by Knalus
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.
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See above. Millennials will be like everyone else - once they have kids, the siren call of the suburbs will beckon.
And Canada will do what it's been doing for 30 years to prop up the real estate market and stop the country from falling off a demographic cliff - increase immigration. A key driver of the housing crunch is the overwhelming majority of immigrants to Canada want and expect to live in a detached home. It's an essential part of their dream, and they're willing to make tremendous sacrifices in order to achieve it.