Baby boomers (generally those born between the late 1940s to 1960s) are beginning to show signs of downsizing. According to an article in the National Post, their millennial children (generally those born during the 1980s and 1990s) are finally beginning to move out on their own. This means that their parents can finally explore their real estate options now that they have an empty nest.
A New Trend In Home Buying
The article, which references a report produced by Royal LePage, says that boomers across Canada are leaning more towards condos than detached homes to live out their later years.
The article highlights that this is a noticeable shift from previous generations, whose real estate purchases in their golden years tended to target detached houses.
The Effect Of Boomer Buying Trends On The Housing Market
As a possible result of this trend, there has been a noticeable decline in the purchase prices of detached homes, while condo prices have continued to rise.
The appeal of condos for older individuals are many, including the extra amenities, more condo options in suburban neighbourhoods, and the lower physical maintenance of condos as opposed to houses. But you should be aware of all the rules and regulations that apply to a condo.
If you are selling or buying a condo unit, consult a real estate firm with experience in the condo market. A real estate lawyer will answer any questions you have about your obligations and liabilities, and make sure you understand what you are selling or purchasing, and your legal obligations to the other party.