Quote:
Originally Posted by Nashe
I can only comment on the demographic change as I'm seeing it myself: retirees selling their SFHs and moving downtown to fill some of the new buildings. The SFHs are getting bought up by a mix of families from the west (injecting their recovered equity from more expensive real estate) and the remainder getting split into multiple units and rented back out.
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You can see the demographic changes that are playing out across Canada (and much of the world) by looking at the 2011 and 2021 census data. (We'll be able to see more recent change next year, when 2026 census data gets published).
Over that 10 years, the Moncton CMA saw the population rise by 19,073 (13.8%) from 138,644 to 157,717.
In terms of housing, there were 30.2% more occupied dwellings (+15,585). Single family were +5,326 (+17.3%), semi-detached +3,934 (+134%), rowhouse +847 (+60.8%), low-rise apartments +5,245 (+55.9%). There were no additional apartments 5 or more storeys.
In terms of the people living in those homes, the number of larger families (5 or more members) increased by 22.4%, but there weren’t many of them, so it was only 475 more families. 4-person families increased by 7.9%, (555 families), 3-person by 7.7% (665 families), 2-person by 11.8% (2,660 families). The big increase was in single person households, +5,790 (+46%).
So we're presumably seeing a significant increase in apartments because developers are responding to household sizes falling, and far more single person households.
You could argue that Moncton was significantly over-building for the theoretical demand, but the actual changes were things like families with kids who leave home so they’re down to just two people in a single family home, and their kids each occupying an apartment, with no intention of pairing up and moving in with their partner (if they have one). Or older couples becoming a widow(er) who doesn’t want to give up the family home, and intends to be carried out in a box.
As the bulge of baby boomers age out of the population, we're likely to see more existing ground-oriented units available in the market just as demand (in the form of families with kids) isn't increasing significantly.