VANCOUVER (NEWS 1130) – It may be further proof of what people struggling to make ends meet in this region are feeling. A new survey finds four out of 10 people who identify as Generation X (aged 34 to 54) admit they’re looking to sell their home in Metro Vancouver and move somewhere else more affordable.
That’s what those who responded to this poll by Insights West for Resonance Consultancy, a global real estate, tourism and economic development advising firm are saying about the local market.
“Potentially losing 40 per cent of the management age population in the city of Vancouver could have serious implications for the future of Vancouver’s economy,” warns Chris Fair, president of Resonance Consultancy. “Even if half of that divestment is re-allocated to more affordable housing in the Lower Mainland, there is the threat of thousands of middle managers and senior leaders leaving local companies already struggling with finding staff.”
He adds more than one quarter of local boomers are looking to cash out of Vancouver. “But it’s the fact that two-in-five Vancouverites in their peak earning years are planning to do so that really surprised us,” says Fair.
And it’s not a rough plan exclusive to those aged 35-54. Millennials, the generation in the 18 to 34 range, share a similar philosophy. Thirty-five per cent of them, perhaps unsurprisingly given the cost of living here, are looking to put up the for-sale sign, cash out, and head somewhere cheaper.
Interestingly, the boomers are the ones least likely to have this mindset. Twenty-eight per cent of that age group who participated would make a move at this stage of their lives.
When you look at the overall picture for our region, basically one in three people who responded to this poll are thinking of making the move.