White flight? Guys, this is not a situation like the 50's where we had an influx of working-class/poor immigrants settling into the City. The baby boomers/current residents are capitalizing off this insane housing market and fleeing to cheaper but desirable areas such as cities/towns in the Interior and Vancouver Island (coincidentally, these locations have a higher percentage of Caucasians)
I think we can label this phenomena as "working class/retiree flight." Class is a more predominant factor over race.
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Originally Posted by djmk
I wonder what will happen to property values when the baby boomers start dying off en mass. They are a significant portion of our population, they are not being replaced by either new babies or immigrants and the early boomers just turned 71.
20 years from now it might be a totally different city.
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I doubt it. Vancouver is the most desirable city in the world. Most of my former clients that expressed their interest to move here have ended up buying property. You have a plethora of newly settled immigrants and refugees that are keen to work their way up; and many of their children will be reaching their mid 20's when all the baby boomers "expire." Remember, the introduction of transient students, refugees and immigrants allows for a competitive pool for the labour market (along with the housing market). An employer I know is loving the boom of temporary foreign students as they provide a cheap and replaceable source of labour in the downtown core.
I think most locals will move out at some point. We are pretty much banking on the tech sector/real estate for employment. Tourism and hospitality is up for debate, but these jobs are paying way less. It just seems like a reckless and dangerous model...
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