By Greg Cross. Recently there was an article published on Abbotsford Today suggesting that people should sell their houses because there are so many Baby Boomers who are about to sell their homes. The article hinted that the price of houses will drop.
I think there is another side to the story. There is a possibility that house prices will skyrocket.
When most Baby Boomers were born, there were less than 3 Billion people in the world. In 2012* there were 7 Billion and the United Nations expect the figure to grow to 8 Billion by 2024.
These people need water, Natural gas to heat their homes and cook, a good education system, medical attention and a stable government.
We have a lot of rain. Lots of natural gas. Everyone goes to school and MSP is cheap. We complain about our government, but imagine living in most other countries.
To think that 200,000 people are going to move to Abbotsford is not that far fetched. The government could allow more people to emigrate to Canada. We all know that this area is a very popular destination for new Canadians.
Add in global warming and the rising oceans and Abbotsford seems more attractive. (Matsqui means “high ground”.) People from Richmond and Kitsilano may have to move here if the ocean starts to flood their homes.
* Source: United Nations World Population Prospects
We can keep the price of homes high by protecting the farmland. The laws of supply and demand says that if there is a small supply of land to build homes on the prices will rise with the demand.
Every Babyboomer homeowner should be working night and day to protect the ALR and keep house prices up and food on the table.
You can always rent out part of your house like the TV show Golden Girls. You could rent the house out and go live somewhere else. In some cases a reverse mortgage might work for you.
If you are happy in your home, don’t sell it because you think prices are going to drop.
* Source: United Nations World Population Prospects
