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    Condo Units Are Increasingly Popular Amongst Boomers

    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.

    The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.

    Posted By: Merovitz Potechin

    Merovitz Potechin LLP has been serving the business and personal needs of the Ottawa area since 1976. Our lawyers will work directly with you throughout your legal matter.

    We are committed to asking the right questions so you obtain the best advice. We are responsive to your needs, and you can trust that we will give you the care and attention you deserve.

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