Ontario’s baby boomers are looking to downsize their homes within the next five years, a move that should boost the supply of single-family homes and prove lucrative for current condo owners.
A new poll by Harmony Village, based on interviews with Ontario homeowners 50 years and older, found that six in 10 respondents plan to sell their existing home and buy or rent smaller living spaces.
Eighty-eight per cent of the 508 homeowners surveyed own a detached home, 6 per cent a semi-detached, 3 per cent a condo unit and 2 per cent a row or townhouse.
The primary reasons for downsizing includes wanting to reduce maintenance work, cost of living and the desire to travel more. A majority of the survey respondents say they want to use the surplus cash from downsizing to help finance their retirement.
This is good news for condo owners who plan to sell their units in the near future, especially those that offer upscale comforts and lifestyle communities that boomers demand. Almost 50 per cent of survey respondents said they would consider downsizing to a condo or apartment unit.
Related Articles: Top 5 destinations to retire in Canada
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate