Urban Development Institute and Bob Rennie

Bob Rennie: "What will be the impact of that equity in the hands of an aging population in our marketplace?" Bob Rennie asked the crowd of almost 1,000 developers, politicians and media at the annual Urban Development Institute general meeting and lunch Thursday. "This might just be the tip of the $163.4 billion iceberg.", according to Huffington Post. Rennie used condo developments built around "energy centres" like Metrotown and Richmond Centre as examples of what these aging and well-off buyers are seeking. He advised developers to build townhouses because they're "probably the most undersupplied market." The future of Metro Vancouver real estate lies with baby boomers who hold an astonishing $163.4 billion in mortgage-free property, said the city "condo king" in an annual address . The over-55 demographic sitting on that equity will be looking to downsize to smaller homes that have easy walking or transit access to services, pointed out Rennie, the successful real estate marketer behind the Olympic Village and Woodward redevelopment. "It will be about walking for coffee, for groceries and to pharmacies," he said. (www.immigrantscanada.com). As reported in the news.