The Real Estate Institute of BC's Demography and Demand Report Shows BC Faces Transformative Changes Amid Demographic Shifts

VANCOUVER, BC , Dec. 3, 2024 /CNW/ - The Real Estate Institute of British Columbia (REIBC) released nine comprehensive reports forecasting significant shifts in the province's real estate workforce. Driven by rapid demographic changes, an ageing workforce, and increasing demand for housing due to population growth, the Demography & Demand report highlights critical trends that will impact employment and operations in the sector across the province. REIBC prepared a provincial report and eight regional reports.

The first of its kind since 2007, the report underscores that while the real estate industry remains a vital contributor to BC's economy, the nature of work in this sector will evolve as the province experiences retirements, attrition and immigration. British Columbia's real estate workforce, older than those in many sectors, faces rising retirements in the next ten years. REIBC's report indicates a strong need for upskilling and knowledge transfer to ensure continuity and expertise in the industry.

Conversations about housing often focus on the rapidly rising cost of construction and financing, yet the secondary costs associated with buying a home - conveyancing, legal and mortgage brokerage, are sectors where labour shortages are expected, adding to costs of building, buying and selling.

British Columbia is seeing unprecedented growth in housing demand through rising immigration, increased international students, and surging interprovincial migration. Population growth presents opportunities but puts pressure on the industry to meet housing and infrastructure needs in urban and suburban areas. Acknowledging and planning for industry retirement and attrition will ease the burden on the real estate industry.

"The future of real estate in British Columbia depends on our ability to adapt, by supporting the next generation of professionals and addressing the evolving needs of our population and communities," says REIBC President Clayton Olson, RI. "Preparing for this transformation to ensure a robust labour force and improved process efficiencies requires collaboration across government, educational institutions, and industry leaders to ensure the resilience and sustainability of the real estate sector."

The REIBC will collaborate with industry stakeholders, adopt technology to enhance productivity and target recruitment initiatives to address workforce needs. Incentives for mentorship to facilitate knowledge transfer across BC's real estate sector will support growth of the real estate industry and ensure professional capability benefiting industry and consumers. 

Download the reports: https://reibc.io/knowledge_based

SOURCE Real Estate Institute of British Columbia

Media Contact: Jenn Wint, [email protected]