Anecdotal? yes. relevant? maybe.

[pianoexcellence]

Weird, but over the last two weeks, I've been hearing lots and lots of people in the "nearing baby boomer" generation, at all socio-economic classes talk about selling and downsizing. Many are not talking, but have already done it.

I still do a number of piano tunings and repair engagements. A lot of these are for previous piano students parents. I taught mainly Gr 10-12 highschool students, and many of them are off to university, I've been getting a lot of calls right before thanksgiving to get the piano ready so they can play when they come back for thanksgiving.

To my suprise, a number of them had moved to a smaller place. A number of my other aquanitances, even my parents are talking about it too.

We are nearing a demographic crux here. I guess the question is, in a country with a birth rate that does not replace the population and a country that by and large sincerely believes that they do not need a retirement plan because they own real estate, what does this mean for RE, especially at the top of the heap...the big ol' 4500 sq ft. baker view homes.

Is this just a normal pattern of the market that really means nothing?...it happens every day and will continue?

is this a sign of changing spending and consuming patterns that go hand in hand with age groups and birth rates (s. dent)?

-P-

[metalhead]

Many RE commentators have talked about the boomer generation cashing in and downsizing for retirement.
Looks like you are seeing the beginning of it in your circles.

[vreaa]

Thanks for the story, pianoexcellence.
Archived at VREAA as -
“Over the last two weeks, I’ve been hearing lots and lots of people in the ‘nearing baby boomer’ generation, of all socio-economic classes, talk about selling and downsizing.”

With the following intro -
There are many important variables affecting the Vancouver RE market that are very difficult to measure. What is the effect of intergenerational wealth transfer? How many Vancouverites own houses in lieu of RRSPs? How many current owners are planning on ‘cashing out’ in one or five or ten years time? Anecdotes serve as an imperfect window into some of those factors. This from pianoexcellence at RE Talks on 28 Nov 2009 9:56 am

[MultipleOffer]

and/or buying recreational property

[pianoexcellence]

Thanks for your thoughts multiple. I could see this as being the case. Unload the Mcmansion, and buy a place where the kids will actually want to visit. That is definitely in my train of thought.

What do you think this means for Kelowna Real estate? Whistler? Island? Sunshine coast?

Up Up and away?

Does this mean that they are buying 40k condos in Phoenix and Vegas instead? Picking up foreclosures in Nuevo Vallarta or Miami...and have enough left over for many many many flights?

I know of many many friends and aquaintances who have bought in Phoenix for a vacation home. CHEEEEP. Heck...I'm on a regular email list from a realtor and just about threw 50k at a condo there. Great winter rock climbing down there. My choice...350k for a condo in squamish....or 70k for a similar one in PHX or LV. and the desert climbing is fantastic....280000 is a lot of plane tickets...even when the price of flights goes up. Let's say over the next 20 years an average flight to PHX is $1200...take off 20k to leave a car down there...with 260000, I can still fly down there 216 times...or 11x a year. That is more than the average working vacation home user will go.

The only problem is that I would have a hard time fitting in up here...without the pale, ghostly skin.

-P-

[vreaa]

I made an error in assuming piano's original post on this thread pertained to Vancouver or Lower Mainland, so I posted it to VREAA. Sorry about that, my mistake, the anecdote is now removed from VREAA.

[metalhead]

What, Abbotsford doesn't qualify for your blog?

[registered]

To my suprise, a number of them had moved to a smaller place. A number of my other aquanitances, even my parents are talking about it too.

Doesn't that answer your question? Those you know downsizing are staying put. I don't where the notion arose that in their silver years everyone wants to get as far away as possible from family, friends and the medical support that knows them for a view condo in Sechelt Heights. No one I know has ever done so. A winter place in Florida or Arizona for sure, but cut and run? Never. And what appeal is there for the kids in Gibson? Relic is long gone.

[tqn]

What, Abbotsford doesn't qualify for your blog?

your post has been asschieved. dont know where it is gonna be asschieved though. i am not sure if it is liberty but it is being taken the liberty to asschieved anyway.

[vreaa]

It turns out this anecdote was still relevant to Vancouver, so it's reinstated.

[Thompson]

It turns out this anecdote was still relevant to Vancouver, so it's reinstated.

Lord, Abbotsford people were saved.

[Lost Soul]

It turns out this anecdote was still relevant to Vancouver, so it's reinstated.

Lord, Abbotsford people were saved.

And why shouldn't they be? At least amongst BC'ers, they have one of the highest (41% vs 25% for all BC) religious attendance rates (monthly).

http://www.statcan.gc.ca/pub/11-008-x/2 ... 93-eng.pdf

[metalhead]

Yup, church parking lots seem pretty full around here.