Many homeowners across Metro Vancouver say they plan to sell their homes and move to other regions where the cost of living is more affordable, according to a survey conducted by Insights West for real estate adviser firm Resonance Consultancy.

A total of 34% of homeowners say they are planning to make such a move in the five years. This response was highest in the 35-to-54 age group, at 40%.

Respondents in that age range are in their “peak earning years,” according to Resonance president Chris Fair, who called the results surprising.

“Potentially losing 40% of the management-age population in the City of Vancouver could have serious implications for the future of Vancouver’s economy,” he said.

“Even if half of that divestment is reallocated to more affordable housing in the Lower Mainland, there is the threat of thousands of middle managers and senior leaders leaving local companies already struggling with finding staff.”

35% of those aged 18-to-34 say they plan to make a move in the next five years, as well as 28% of those over 55.

When all Metro Vancouver respondents were asked about what they look for in a future home, 82% said cost was the most important factor. Having a private outdoor space and being close to work were also cited as priorities.

More Than a Third of Metro Vancouver Homeowners Plan to Sell & Move to More Affordable Areas by Emma Crawford Hampel | Business in Vancouver