This paper explores the impact of population structure on China’s housing market using a general equilibrium theory framework. The simulation results suggest that there are marked impacts of the demographic transition on changing housing prices. Largely resulting from the baby boom in the 1980s and rapidly declining births in the 1990s, China’s house prices had rising pressure in around 2001 when the 80s baby boom generation entering into marriage age; while the house prices would have falling fluctuation in around 2014 when the 90s baby bust generation entering into marriage age causing declining housing demands. Thus, Changing population structure needs to be taken into account in formulating policies to regulate the housing market.