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The Wedge is a 15-storey rental tower along the 900-block of Johnson Street at Vancouver Street in downtown Victoria's Harris Green neighbourhood.
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Mike, the decrease is starting now when you include both deaths and boomers starting to enter nursing homes. The first effects should be seen with SFH as couples become single and some consider condos. The average age for men in Canada is about 80 and the oldest baby boomers are approaching that. People forget the average age means that half are dead by then. Of the surviving half a large percentage will be entering nursing homes or long term care.
The big developers who are planning five or ten years out are not idiots and are really aware of demand cycles. They are equally aware that acknowledging these factors would not be great for todays marketing.
Or maybe it’s your own theory, and that’s fine, but I don’t think it’s fair to say big developers are hiding this info from the rest of society. They’re too busy trying to meet demand, and haven’t been able to do it over the last decade. There’s no worry about seniors, etc. I can assume you of that, at least not in our region.
With high immigration numbers there was no worry about aging boomers and changing demographics. With a major cutback in immigration on the horizon it becomes an additional component in the demand picture.
Planning over the last few years was based on a quickly increasing population base. A stable or even slightly declining population presents a very different demand picture five years out.
I never said that the developers where " hiding" this. Certainly some projects in both Vancouver and here in Victoria have been put on slow. Demographics, especially immigration are not the only reason but they are part of the equation. Demand is always part of the equation.
I don’t think most seniors want to be segregated into a city for old people. They have those choices already, and most don’t choose them.
It would help if we opened up to development the thousands of square kilometres of land west of Sooke, though. We could house 500,000 people in a world-leading community, with great access to Washington State. You could easily do it just between Renfrew and Jordan.
Yep. Generally, especially seniors who have kids and grandkids, they want to be close to them, if possible.
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