One of the factors in real estate activity are the demographics of the city, which will give us some clues as to how many people there are (at least locally) that are likely to buy or sell. First time home buyers – a backbone of the market – start buying between 25 and 34 (although others say the average could be getting pushed back to as late as 36). Then people trade up through the market, until they are finally forced to sell due to health issues (waking up dead being one of the key drivers of home sales).
I’m going to dive deeper into analyzing the demographics relative to real estate in a later post. For now, I’ve made a tool to allow you to explore the demographics of Victoria visually, from 1986 to 2041 (based on BC Stats population projections).
Mouse over the chart and use the arrow buttons at the top right or the selector to change the year.
For reference and without further comment, here are a few snapshots of the demographics at recent turning points in our real estate history.