VANCOUVER—A new survey highlights the ugly reality that home ownership in Metro Vancouver is becoming a privilege that gets passed down within families, according to one economist.

Even though Metro Vancouver housing prices cooled significantly this year, almost a third of baby boomers in B.C. don’t expect their adult children to move out until after the age of 35, according to a survey commissioned by Royal LePage. That’s three times higher than the national average.

It’s perhaps not surprising, given 80 per cent of B.C. respondents to the survey between the ages of 54 and 72 believe housing in their region is unaffordable.

Yet many baby boomers — whom Royal LePage CEO Phil Soper calls members of “the wealthiest generation in Canadian history” — still value home ownership and want their children to reap the same benefits from the housing market. Four in 10 baby boomers in B.C. that responded to Royal LePage’s survey said they are willing to help their children buy a home.

But for millennials without parents willing or able to help with a down payment, a Vancouver home will be difficult to afford, said Michael Trites, managing broker at Royal LePage Northstar Realty.

“If (millennials) want to live in Vancouver, they have to be prepared to make sacrifices on what their disposable income allows,” Trites said in an interview.

At the same time, baby boomers who own a home — and their children who may benefit from that intergenerational wealth transfer — will likely play a role in home prices in the near future, he said.

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A third of boomers across Canada are looking to buy a condo or townhouse in the next five years, according to Royal LePage’s survey. Market confidence is still strong among boomers, with 90 per cent agreeing with the statement that real estate is a good investment.

But boomers are not to blame for the increase in housing prices; they are simply “along for the ride,” said Trites.

And housing prices are not surging anymore. Realtors working across Metro Vancouver told StarMetro in July they’ve seen market conditions fall since April, due to various government policies meant to cool the market, including speculation and foreign ownership taxes.

Nonetheless, the Royal LePage survey highlights the wealth gap that exists between people who own homes and those who don’t, said Tsur Somerville, an economist at the University of British Columbia’s Sauder School of Business.

“It’s an important reminder that folks who have housing, who really benefit from this huge run-up (in housing prices) are very fortunate and blessed,” said Somerville. “But that’s not a blessing that everyone shares.”

It means these voters have a lot to lose, and it can make it tricky for politicians to implement affordable housing policy. But Somerville emphasized it is important that they persevere and do what is good for everyone, not just the wealthy.

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“The last thing you want is a world where the only people who can afford housing are the people whose parents already own a place,” Somerville said.

Asked whether that was already the case in Metro Vancouver, he replied: “It feels like it.”

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