'Priced itself out of the retirement market': Realtors weigh in on changing age of Vancouver Island residents
Vancouver Island has long been known as a place where people come to retire, but a new report shows that is no longer the case. The island’s immigration is now being fuelled by young, working families.
Jlo Magneto and his young family recently moved to Langford from just outside of Toronto. According to a new report from the Vancouver Island Economic Alliance, the young family fits perfectly into the changing demographics of the island’s newcomers.
"I lived here back in my college days and I loved it out here," said Magneto. "I always wanted to come back so when I saw an opportunity to come, I definitely pursued it."
Megneto is in the Canadian Armed Forces and his wife is a nurse. The jump was expensive, but manageable.
"It all did work out," said Magneto. "We sold for over double our asking price back home before moving out here, so that was our only saving grace for finding a place out here."
The economic alliance report found that between 2014 and 2021, 89,000 people moved to Vancouver Island.
Some 46,400 of those people came here from other parts of the province, while 37,200 came from other parts of the country.
"Well there’s been a lot of non-retirees moving here," said Tony Joe, broker and owner of Re/Max Properties.
Jlo Magneto is pictured walking with his dog in Langford B.C. (CTV News)
The report also found that the percentage of people over the age of 50 coming to the island declined from 59 per cent of all migrants to 35 per cent.
"Victoria has really priced itself out of the retirement market," said Joe.
HOUSING PRICES
Joe says, with the average price for a single family detached home now selling for $1.48-million in the Capital Region, young working people are the only ones that can now afford to move here.
"Victoria is too expensive now," said Joe. "That’s one of the reasons why we’re seeing a lot more activity in the Cowichan Valley, in the Comox Valley."
The Capital Region saw the most growth with 45,800 newcomers. Nanaimo came in second place with 18,800, followed but the Comox Valley and the Cowichan Valley.
"What we’re really looking at is a demand problem," said Charlie DePape, realtor with Royal LePage Realty.
"The demand is huge and supply is a little thin, that’s keeping prices high."
Low inventory in more popular areas of the island means prices for housing are going up everywhere.
Nanaimo recently conducted its own study finding 25 to 44-year-olds are expected to be the fastest growing age group over the next decade. The cohort will overtake seniors, who have historically held that spot.
"Coming from North Vancouver, that was the reason we moved over in the first place is because we could afford to buy something," said one woman in Nanaimo who just moved to the island from the mainland.
With a strong economy and a good infrastructure that allows for remote work, many more families could be looking to relocate to the island.
But, with housing being in short supply and prices so high, the young newcomers may have to push back their own retirement just to stay here.
CTVNews.ca Top Stories
BREAKING Foreign meddling 'did not affect' overall federal election results: inquiry report
Foreign interference by China did not affect the overall results of the 2019 and 2021 general elections won by Justin Trudeau's Liberals, a commission of inquiry has found.
WATCH LIVE Funeral today for broadcasting legend and voice of 'Hockey Night in Canada' Bob Cole
A funeral is being held today for hockey broadcasting legend Bob Cole in his hometown of St. John's, N.L.
Magnitude 4.8 earthquake recorded west of Vancouver Island
A 4.8-magnitude earthquake was reported west of Vancouver Island Thursday evening.
TD penalties expected to be higher on alleged drug money laundering link: analyst
A banking analyst says TD Bank Group could be hit with more severe penalties than previously expected after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
How falling for a stranger she met on a beach led this woman to ditch the U.S. for the French Riviera
Niki Benjamin, from the U.S., had travelled to a paradise island to do some soul searching, and her life ended up going in a very different direction when her dog ran up to a stranger.
Biscuits with possible plastic pieces, metal found in ground pork: Here are the recalls for this week
Here are the latest recalls Canadians should watch out for, according to Health Canada and the Canadian Food Inspection Agency.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Supreme Court orders new trial for B.C. francophone who was not given French option
The Supreme Court is ordering a new trial for a francophone man in British Columbia who says he was not informed of his right to have a trial in the official language of his choice.
Princess Anne to take part in B.C. ceremony bringing new ship into Pacific fleet
The first Arctic and Offshore Patrol Vessel for Canada's Pacific fleet will officially be commissioned in a ceremony featuring Princess Anne, the sister of King Charles.