Boomers are in for a schellacking.

I've been pushing in financial presentations that boomers should downsize and rent in the Vancouver market.  There is absolutely no reason they need over a million dollars tied up in real estate in retirement.  They don't need 4-6 bedroom homes.  

Even after paying rent and taxes, the investment return in cash flow would net many of them an additional $40,000 per year in disposeable income. 

Yet the cling onto their properties and saddle themselves with cheap credit to finance extra purchases they can't afford on their pensions.

The real estate market will correct, and it will be a stampede of sellers, not a trickle.  As they say in stock investing, take your gains and walk away, don't be greedy and don't get emotional about a particular investment.  Boomers are doing both with their homes.