In a one hour keynote speech, Bon Rennie, a major developer of all things condos in Vancouver, addressed the topic of baby boomer equity at the annual Urban Development Institute general meeting this past Thursday.
“In March, a report found that baby boomers are coming into almost $1 trillion in inheritance. Vancouver’s real estate market will get a boost as they use the cash to help millennial children buy their own homes over the next two decades, said Sotheby’s International Realty Canada” (Huffington Post)
The downsizing that is being anticipated by developers and city planners in the near future, will without doubt affect the market and make available building sites in ideal locations that are currently being occupied by older homes and their baby boomer owners.
One can only hope that some greenery will be left intact, that is not man made, whilst new developments and in all likely hood large condominiums, are being erected in the coming years. If you have some time to spare, check out Bob Rennie’s take on the issue in speaking to other developers and politicians.