demographics
REGIONAL POPULATION GROWTH: AGE TRENDS
The Canadian population is getting older and Metro Vancouver is no exception; there are other demographic storylines worth following, however.
As Metro Vancouver is projected to grow by 193,751 people over the next decade, the region’s 65-plus segment is projected to expand by 44%. Notably, it is not in-migration driving the growth for this most senior of age groups, but rather the predictable process of baby boomers aging—something we have been tracking for many years now. While this will have some important implications for the region’s housing market—as many of these residents will choose a new housing form, change housing tenure (from owning to renting), transition into assisted living accommodation,
or move back in with their grown kids— so too will growth in other age segments. Specifically, the prime home-buying 25-34 and 35-44 year old groups are expected to grow by 24% and 25%, respectively, over the next decade, as they increase in size by 191,850 people. The collective goal will be to add enough housing, and enough diversity in the added housing, to accommodate the growing demand, as these next ten years help to shape the region’s housing market, including both ownership and rental, for many more years to come.
ROBUST GROWTH IN KEY VANCOUVER HOMEBUYER SEGMENTS
1.50
1.44
1.40
1.30
1.24 1.25
1.20
1.10
0.97 1.01
1.00
0.90
0.87
0.80
2019
2020
2021 2022
2023 2024 2025
2026
2027
2028
2029
CHANGE
.
,
,
,
,
,
SOURCE: DEMOGRAPHIC ESTIMATES COMPENDIUM, STATISTICS CANADA; PROJECTION MODEL, RENNIE DATA: INDEX OF POPULATION CHANGE BY AGE FOR METRO VANCOUVER (2019 = 1.00)
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