'Priced itself out of the retirement market': Realtors weigh in on changes to age of Vancouver Island residents

Vancouver Island has long been known as a place where people come to retire, but a new report shows that that is no longer the case. The island’s immigration is now being fuelled by young, working families.

Jlo Magneto and his young family recently moved to Langford from just outside of Toronto. According to a new report from the Vancouver Island Economic Alliance, the young family fits perfectly into the changing demographics of the island’s newcomers.

"I lived here back in my college days and I loved it out here," said Magneto. "I always wanted to come back so when I saw an opportunity to come, I definitely pursued it."

Megneto is in the Canadian Armed Forces and his wife is a nurse. The jump was expensive, but manageable.

"It all did work out," said Magneto. "We sold for over double our asking price back home before moving out here, so that was our only saving grace for finding a place out here."

Jlo Magneto is pictured walking with his dog in Langford B.C. (CTV News)

The economic alliance report found that between 2014 and 2021, 89,000 people moved to Vancouver Island.

Some 46,400 of those people came here from other parts of the province, while 37,200 came from other parts of the country.

"Well there’s been a lot of non-retirees moving here," said Tony Joe, broker and owner of Re/Max Properties.