Is the Millennial Exodus Real?
There’s a theory floating around that housing unaffordability in Vancouver is driving the younger crowd away in droves. It’s tougher for this demographic to own a home here, especially having just graduated post secondary or only having been established in a career for a short time. Okay, but is that true? Are they leaving?
British Columbia Real Estate Association (BCREA) reported that the number of millennials in Vancouver has increased by 15,800 people since 2005. That’s 9.5% growth. The report, released April 22, said, “An examination of population estimates for the region reveals that millennials are, in fact, not retreating from Vancouver and that the population aged 20-34 years old has increased significantly.” As of the most recent census, the proportion of Millennial homeowners is much higher than in preceding decades.
As of 2015, approximately 569,000 Millennials live in Metro Vancouver.
Read the original story at Business in Vancouver.