Wednesday, November 3, 2010

Demographic trends work against price stability in Vancouver

As boomers retire, more houses will come on the market. The low rate of outright ownership will help to slow this exodus, however, as boomers may be unable or unwilling to cash out just above their mortgage balance when it IS time to go.

TD Canada Trust Boomer Buyer's Report
. . . only 24% of B.C. boomers own their home mortgage-free. Nearly one third of B.C.'s boomer homeowners have more than 60% of their mortgage left to pay off.
. . . are least likely to say they will continue to live in their current home during retirement (40% versus 49% nationally). 
Almost half . . . will consider buying a property south of the border. . . . Another 17% say they were already considering real estate opportunities in the United States


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