Business is Booming!!
I am often asked by those thinking of investing in Real Estate... who is going to buy all those condos being built?
I read an article today in 24 Hours by Susan Boyce which echos what I have been saying about the demand for condos in Vancouver, especially areas like Yaletown, Beach Cres. and False Creek. These areas appeal to the new generation of retirees. These retirees are not the old style "early bird special" type but rather a group that is been classified in demographic studies as "Active Retirees". In a recent survey, 69% of retirees surveyed said they participate in an active lifestyle. 49% said they are planning on buying Real Estate. As more Baby Boomers reach retirement age they are living a lifestyle that is funded by successful careers and sales of larger homes. They are looking for places to live that allow them access to active pursuits including golf, skiing, hiking and biking etc. These retirees are coming from the rest of Canada, United States and Europe. They are contributing to the 30,000 per year population growth that BC Stats predict will occur over the next ten years in Vancouver.
These are all important factors to consider especially if you are buying Real Estate as an investment and plan to resell. My experience with this group is that most want two bedrooms or one bedroom and den, parking, adequate storage as well as upgrades such as hardwood floors, granite countertops and high end appliances.