Many Baby Boomers might choose to sell in 2023. Here are five key drivers of boomers’ decision to downsize and potentially add a lot of housing supply to the market.
All in Forecast
Canadian Boomers are Quitting the Workforce
As far back as 2008, CNN reported on the expected effects of Baby Boomers (the largest generational cohort) retiring from the workforce. The pandemic has accelerated the process.
B.C. Population Growth Back on Trend
Vancouver Island is growing by nearly 5%.
U.S. Fed poised to raise rates in 2022
Higher U.S. interest rates will pressure Canada to match or devalue the Canadian dollar
Airbnb Empires Postponed
Tourism was recovering a little, but Omicron has scuppered any ambitious plans.
From Euphoria to Normal
Canadian Confidence is Trending Lower
Rates continue to climb
The trend continues unabated.
Interest Rates are Rising
Interest rates are rising and it will put downward pressure on home values.