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    Survey lends insight into Baby Boomer real estate preferences

    As Baby Boomers get closer to retirement, many assume that a mass of people across the country will be looking to downsize. However, a recent survey of this demographic suggests that not all are looking at selling their homes just yet. Despite the fact that many Boomers in Ontario and throughout Canada may not be ready to downsize in the near future, the group is still set to make an impact on the real estate market, and 17 percent expect to buy or sell property in the next five years. This equals 1.4 million people across the country.

    Does that mean a high number of Baby Boomers are looking to downsize? The survey suggests that this might not be the case. In Ontario, 51 percent of Boomers said they did not plan on buying a smaller home. On a national scale, 59 percent planned on buying smaller.

    Financial realities might impact these plans, however. Sixty-three percent of Boomers in Ontario said they can’t afford retirement in their current neighbourhood. However, 40 percent indicated they could consider moving elsewhere for affordability. Some of these people would consider a smaller property while others enjoyed having a larger family-style home.

    Baby Boomers’ preferences vary a great deal; for example, some want to keep their suburban homes while 46 percent of those in Ontario would consider living in a condominium. Whatever they choose to do, this group will undoubtedly have a major impact on the future real estate trends in the province. Those looking to sell their family home or buy a new property in Ontario should speak to a lawyer to ensure their sale is legally sound.

    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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