Think Boomers are Going to Scoop Up all Those Condos? Think Again!
There are quite a few people who would be very happy if the aging Baby Boomers came in and scooped up all the excess condos in cities such as Toronto or Vancouver, where there’s a gross overstock on the market. Now, a new survey from Royal LePage says that we shouldn’t be holding our breath waiting for that to happen.
The survey, completed in September by Leger Marketing for Royal LePage Real Estate, asked Boomers what they plan to do and where, or if, they plan to move as they get a little older. While some are planning on making a move at some point, many might be surprised to know that they’re not packing up and moving out to condos, as was so highly expected. In fact, almost half, 43.5 per cent, of Boomers are planning on moving to bigger homes that have even more space, or at least as much as they have now.
So why do Boomers want to continue living in large homes? Phil Soper, CEO of Royal LePage Real Estate, explained in a release written to go along with the survey.
“Baby Boomers are the wealthiest generation in Canadian history,” he says. “They live in large homes with ample space for their many possessions. They love their garages and their yards. Contrary to popular belief, most Boomers do not intend to downsize any time soon.”
But there are a few that do have plans to move into a smaller space, mostly to help deal with the amount of maintenance needed on the home, and a lack of retirement funds.
But it’s not just Boomers that want to continue living in big homes – their children do, too! The survey also asked adult children of the Boomers where they’d like to live, and why. The majority still shows that single-family, multi-storey homes are the most desirable; and if they’re out in the ‘burbs, so much the better.
But in addition to finding a home, many Boomers are finding that they’re happy right where they’ve been all along – in mom and dad’s home. the survey also showed that 42.3 per cent of adult children of Boomers are living at home with them.
“The adult children of Baby Boomers aren’t going anywhere fast. Good jobs have proven more difficult for them to find, they’re extending their studies and they’re living at home,” says Mr. Soper.