Millennials—defined as those between the ages of 20 and 34 — are not abandoning Vancouver in droves due to the high cost of housing, according to the British Columbia Real Estate Association (BCREA).
The population of millennials in the City of Vancouver grew by 15,800 individuals, or 9.5 per cent, between 2005 and 2015.
“An examination of population estimates for the region reveals that millennials are, in fact, not retreating from Vancouver and that the population aged 20-34 years old has increased significantly,” the BCREA said in a report released April 22.
“In addition, home ownership rates for the millennial age group were significantly higher during the most recent census than in the previous decades.”
In Metro Vancouver, there was an increase of 86,000 individuals, or 18 per cent, between 2005 and 2015. The percentage increase is almost twice as high as the increase in the City of Vancouver alone.
“The narrative that there is an exodus of millennial from Vancouver is not based in fact, but rather, supposition,” the report said.
“Unaffordability, or the inability to own housing, has been the key driver of the retreating millennial hypothesis.”
As of last year, there were approximately 569,000 millennials living in Metro Vancouver.
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