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“Numerous media stories lament their exodus and the potential economic impact, particularly in the high-tech sector. Even a local credit union produced a report speculating that millennials are disengaging from the Vancouver economy, largely the result of high housing costs,” said Muir. “An examination of population estimates for the region reveals that millennials are, in fact, not retreating from Vancouver, and that the population aged 20-34 years old has increased significantly. In addition, home ownership rates for the millennial age group were significantly higher during the most recent census than in the previous decades.”

Using population estimates from British Columbia Stats, the economist finds between 1995 and 2005 the number of 20-34 year olds in the city of Vancouver rose by more than 5,500 individuals or almost 3.5 per cent to reach 160,000. From 2005-2015, it grew by 15,800 or 9.5 per cent to reach 181,000.

“Growth in this age group over the past ten years has been so strong that they are now the most populous age cohort in the city by a wide margin,” said Muir.

Looking at the metro region of Vancouver, the economist finds between just 2005 and 2015, 86,000 people aged 20-34 were added to the metro Vancouver population, an 18 per cent increase. As of 2015, there were an estimated 569,000 millennials in the metro region.

Muir says millennials are a key demographic in large cities across North America and it only makes sense they would be attracted to Vancouver’s lifestyle.

“The millennial generation has bolstered the population of 20-34 year-olds dramatically over the past 10 years. Both the City of Vancouver and the larger Metro Vancouver region, have experienced a significant increase in this population. Millennials are being attracted to the City of Vancouver and the region, not retreating from it,” says Muir.

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