• Categories
  • Categories

    Majority Of Home Sales Driven By Older Individuals

    There has been a noticeable decline in mortgage activity amongst Canadians. Generally speaking, younger individuals – ages 38 and younger – seem to be struggling to break into the residential real estate market. While overall home sales have been down year after year, the areas that have seen activity are from individuals aged 54 and higher.

    Boomers and Pre-War GenerationsCurrently The Most Dominant Buyers

    According to an article posted by New In Homes, a recent poll conducted by TransUnion Canada – a credit specialist – examined mortgage activity across the country. The results showed that while overall growth was slow, it little activating that has been driving the market belonged to older individuals. The biggest growth market appeared to be in Ottawa.

    Why Is This Demographic The Most Dominant?

    There are a couple of reasons this could be the case. The factors suggested by the study indicate that younger generations simply do not have the money. Tougher stress tests from banks and lenders, as well as higher interest rates are the reasons young people claim as why they have not entered the real estate market.

    Helping Families And Looking For Smaller Spaces

    As for why older generations seem to be doing well, it could be they are helping younger generations by purchasing homes for their adult children, or adult grandchildren. Another factor could be downsizing. As people get older, they may be looking for smaller space, or the benefits of condo living where much of the maintenance is cared for by the property managers.

    If you are interested in looking purchasing a condo or other real estate property, it’s important that you understand all of the details of the investment. Consult a real estate lawyer for a more comprehensive understanding of your purchase before you sign any purchase and sale agreements.

    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.