The future of Metro Vancouver's real estate lies with baby boomers who hold an astonishing $163.4 billion in mortgage-free property, said the city's "condo king" in anannual address.

"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."

The over-55 demographic sitting on that equity will be looking...