Yes, demographics matter — higher population of the elderly does not drive housing generally, while working age population growth can drive household formation and higher demand for housing. (houseofdebt.org)
Labour market participation rates are expected to increase this year, helping to offset a declining working age population. (hays-index.com)
Consequently, working age population growth has begun to stabilize and is likely to see resurgence in 2025. (morganstanley.com)