From Travis' Lupick's GStraight report on Bob Rennie's annual performance piece for the highly respected, rigourously reviewed, and fully accredited 'Urban Development Institute':
...Rennie said that 193,000 homes in Metro Vancouver are owned “clear-title” by someone over 55 years old.
The value of these residential properties is $197 billion. That’s up from $66 billion owned clear-title by the region’s baby boomers in 2006.
Rennie noted that $60 billion of the $197 billion of clear-title property is owned by people over the age of 75.
He suggested that these equity-rich boomers are trading down and buying second homes or recreational properties. In addition, he said that they’re helping their children and grandchildren enter the market.
“The Royal Bank of Canada is tracking first-time buyers,” Rennie stated to a full house in a Fairmont Hotel Vancouver ballroom. “Eighty percent-plus of their Vancouver first-time buyers are receiving family funds, 70 percent-plus in Burnaby, and 60 percent-plus in Surrey.
“The $197 billion is fuelling Victoria, but it’s also in Kelowna, on Bowen Island, and at Whistler,” he continued...
There you have it folks.
Nevermind the Bollocks (and/or uppity citizens who can't get into the market in the first place), because this bubble is going to have real bounce for everyone, old and young, near and far.
Which, if put another way, presumably also means that when the bubble pops it won't just be folks in the Lower Mainland who will get slimed.
What a wonderful world Clarklandia is.