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.