A recently released study shows that Vernon and Penticton are getting older, but housing is generally more affordable in the two Okanagan cities.
The data in the study indicates that home prices are inversely proportional to age with a few exceptions: the more people over 55, the cheaper the homes.
According to an article by Point2 Homes, as people grow older, many people exit the homeownership market opting for rentals or senior care facilities.
Their study shows Penticton listed as 46 per cent of the population is over age 55 according to the 2016 census, an increase of 21 per cent with an average home price of $412,638.
Vernon has 41 per cent of people over age 55, an increase of 19 per cent and an average home price of $467,747.
Kelowna was listed at 35 per cent over 55, a 12 per cent increase with an average home price of $512,665.
According to the 2016 census, people over 55 own properties further away from major business and financial centres, the study says.
"All these moves might lead to a glut of boomer properties, larger homes located in smaller cities, which would not be of interest to younger generations," says Andra Hopulele in her report. "Both Millennials and Gen Z-ers are looking for smaller and more affordable homes as close to the hustle and bustle of downtown as possible."
Due to the growing number of seniors who are moving closer to family and baby boomers living in the city who are deciding to age in place, people over 55 are slowly taking over urban spaces that used to be the millennials’ playground, Hopulele says.
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 per cent, the study showed.
B.C.’s youngest cities are the ones getting old the fastest. Port Coquitlam and Port Moody, two of the youngest cities in the analysis, have seen the biggest jumps in the number of seniors: 46 per cent and 39 per cent respectively, Hopulele says.
— John K. White, Castanet
