Demographics mean a whole new housing crash

Globe and Mail reports:

In a 2008 paper co-written with Sung Ho Ryu, Prof. Myers said communities in the United States face a historic tipping point. The ratio of seniors to working-age residents is expected to grow by roughly 30 per cent in each of the next two decades, the pair calculated.

The first wave of baby boomers reach 65 this year. The last of this generation is scheduled to breach that threshold in 2029. We all know about the demographic monster the boomers represent – a generation that far exceeds, size-wise, anything coming up behind it. Those wanting to enter the market in the coming years may not have the money to buy single-family detached homes, either. Thus the dilemma: Who will boomers sell to when they’re ready to move into some swank condo downtown or on a golf course somewhere?

Ouch.