The market influence of Canada’s senior home owners is intensifying

Latest research by Point2 Homes has found that both British Columbia and Ontario are aging fast, with most of their senior home owners currently residing in markets outside the main Vancouver and Toronto metropolitan areas.

The trend is particularly strong in BC where, “with very few exceptions, most people over age 55 are currently living in cities outside the Greater Vancouver Area,” per 2016 census data.

“The ‘oldest’ cities in the province are Penticton, West Vancouver, North Cowichan, Courtenay, and Vernon, which all have a share of seniors of over 40%.”

Vancouver itself only has 28% of its population older than 55 years old, while it continues to be one of BC’s most expensive markets.

“Home prices are inversely proportional to age: with a few exceptions, the more people over 55, the cheaper the homes. For example, the five most expensive cities in the Greater Vancouver Area all boast some of the lowest shares of seniors in the province.”

In Ontario, the Greater Toronto Area’s seniors accounted for only 18% of the population in 2016.

“Similar to other provincial capitals and major business hubs, Toronto and Ottawa’s share of people over 55 is just under 30%. And in Ontario, like in the other provinces, the average home price drops as the share of seniors increases.”

Among Ontario’s affordability hubs are Kawartha Lakes (43% seniors), Brockville (42%), and Owen Sound (40%).

Reflecting the national trend, the youngest cities in both provinces are also the markets that are seeing the fastest aging populations, when 2006 and 2016 numbers are compared.

In BC, Port Coquitlam and Port Moody experienced the largest increases in the number of seniors during that 10-year time frame, at 46% and 39%, respectively.

Ontario’s Brantford had an exceptional 61% growth in the senior population over the decade, followed by Aurora (52% increase), and Clarence-Rockland and Pickering (both with 44% growth).

“For the very first time in history, people born between 1946 and 1965 outnumber all other generations in Canada. Moreover, the number of people aged 55+ increased by a staggering 87% between 1996 and 2006, while those between 16 and 54 years of age grew by only 14%,” Point2 Homes explained.

MBN

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