Five years back, Marilyn Palmer and her significant other deserted from Vancouver in search of other affordable housing markets.
According to Ms. Palmer, a former modeler they taught it wise to downsize in and out of the city in search for something more moderate.
In their efforts to search for a home they came across a beautiful old farm house that has been renovated in Cowichan Valley which was near a lake and peaceful green area which was previously the Garry oaks. The couple did not have any doubt that they had found their dream home.
The decision of Ms. Palmer and her husband Phil Palmer made them to be part of the approximately 3,385 seniors that have moved away from the city. Seniors in Vancouver have the highest number individuals that are moving in and out of the housing market. This fact was indicated by an investigation done by the University of British Columbia sociology professor Nathanael Lauster.
However many people see this movement as a great opportunity for the city as more homes will be available in the market but this is not to say that it also surmounts to a lower number of seniors in the city which will most likely create a huge difference between the age groups in the city.
According to Penny Gurstein, director of UBC’s school of community and regional planning, this translates to the fact that there will be fewer people volunteering and less people interested in arts-and-culture institutions. She went on to give an example of the opera in Vancouver which in recent times is seeing less interested people.
On the other hand, demographer Andrew Ramlo noted that the move made by seniors has helped to put an ease to the supply end of the market as less homes are available in the market which is very much needed by the city especially for first-time buyers and millennials who are finding it difficult to enter the housing market.
However surveys have found out that loss of seniors in the city will definitely have a bigger impact in the area in years to come and this is also affecting other markets that these seniors are moving to.
A large number of seniors are forced to move out of Vancouver as a result of the high home prices and living condition in the region.
Similar to Ms. Palmer, Chris Bradshaw and his significant other had dependably relied on the fact that they will retire in the city but looking at the cost of living; they decided to sell their home in Port Coquitlam for $900,000 and purchased a home in Langford for $200,000 which is a great deal.
Bradshaw noted that there are many other seniors like him currently living in the area who have been forced to leave Vancouver because of high home prices. .
He went on to add that people are now aware of the fact that they are better opportunities out of the city they can take advantage of.