Demography and Demand Reports in Around Town
A recent Real Estate Institute of BC (REIBC) report projects that ages 25 to 44 will dominate the population growth on Vancouver Island over the next 15 years. Persons aged 25 to 44 will exceed all other age groups with 117K on Vancouver Island/Coast, followed by ages 64+ with 113K. This is important information given that tenant occupancy is relatively prominent in these younger age groups.
The housing demand on the Island/Coast is projected to increase from 390,625 units in 2021 to 582,603 million by 2041. This would see an average of 9,500 net new units demanded each year.
The REIBC 2024 Demography and Demand Reports are the first of their kind since 2007. Reports are online at reibc.io/knowledge_based.
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