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More baby boomers plan to downsize

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Guest | 10 Mar 2014, 04:37 PM Agree 0

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, 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.
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  • Paolo Di Petta | 11 Mar 2014, 01:41 PM Agree 0
    I'm not sure where the jump in logic always comes that aging boomers will downsize into condos.

    While many say they're interested in downsizing, they rarely express any interest in condos. They generally seem to prefer smaller Single Family Homes, Semis and Townhomes.

    I've covered AT LENGTH why most boomers aren't interested in condos on my blog here:

    Fact is, the myth that boomers are going to help absorb the oversupply of GTA condos just isn't realistic.
  • robin kimpton | 11 Mar 2014, 02:53 PM Agree 0
    We anticipate the downsizing as well and even looking further into the future, we at Hotel 760 in Victoria B. C. see a tsunami of retirement seniors who will no longer want the responsibility of the family home and, at the same time, can not afford or want to afford the cost of the four or five star assisted living option. As a result, we are "re tooling" offering furnished self contained bachelors suites at an affordable rate to independent seniors here on the west coast, Canada's sunniest winter destination.
  • Joseph Carlisle | 11 Mar 2014, 03:43 PM Agree 0
    As a Realtor I speak with many older home owners daily and they are not going anywhere. I hear of how "comfortable" they are and how they don't want to uproot their lives at this stage of life.
    Find Your Next Home Online:
  • Heidi Garnett | 12 Mar 2014, 06:26 AM Agree 0
    I'm seventy and my husband is seventy-five and we're living in quite a large house with a suite built over the garage in case we need help in future. Our thinking is that we can stay here and pay for the help we need rather than spending that money on condo fees which can add up when you live in a "nicer" complex. Most of our friends are staying put in their houses, though some who have fallen ill have been forced into assisted living situations. I have no desire to live in a complex where I have to eat with strangers each day and dress for meals. I highly value my independence as does my husband and we enjoy the spaciousness and freedom of a house. When we go away we hire a house sitter as we also have pets. I notice in your article that one of the main reasons people downsize is to free money up to travel. My parents did this and when it came time to sell their condo I realized how much their initial investment had suffered. The value in the condo didn't grow in the same way as the value in the house they sold.
  • Asim Khan | 12 Mar 2014, 08:13 AM Agree 0
    Great Article. With Property prices on the rise...I think that it makes great sense to RIGHT SIZE your home. Use excess capital to fund lifestyle or other investments that produce tax efficient income.

    If you are thinking to sell your home to raise equity for property investments - think about using a realtor that stages your it can help you get a higher price.

    Great article on Preparing your home to sell on the Team Awesome @ REMAX website:
    HTML link.

    As a professional realtor, I know that Staging Helps sell homes for more money. This is especially the case when homes have been lived in for a long period of time - and the décor is less than contemporary.
  • Kim Cameron | 12 Mar 2014, 12:43 PM Agree 0
    Having helped hundreds of Boomers, Zoomers , Seniors downsize I can share from a place of experience listening to their needs . I am 56 , a realtor , and hubby is 58 so I get it because I too am starting into that stage of my life .
    We dont need the large sq footage or maintenance . We do want the cash to travel and start on the " bucket list"
    I do agree that condos are not for the majority ( my hubby , like many males, has way too many tools to not own a dbl garage for a long time ) , Active Boomers want a bungalow , garage , in an area that has many social options , good shopping , medical close & not far from the kids.
    As a member of CARP , Barrie Chapter , a great housing option they are involved in is " co ownership " check out and what a new option thru out Ontario is for downsizing .

    Hope this helps . Kim Cameron . Homelife Beach Country Realty
    Barrie - Wasaga Beach - southern Georgian
  • Glenn Cunningham, Broker Master-ASA | 12 Mar 2014, 02:45 PM Agree 0
    As one of the small group of realtors who continue to take extra training focusing on Seniors in our community here in Brampton...the Accredited Senior Agent Society...I am very pleased to say we have found that there is no one answer to fit all the different needs of todays over "60" crowd. They are a dynamic and spirited group of people with differing ideas about what they want. We need to be educated and well informed about all the options available. Our service provides information, referral services, support and advice from many professionals who also focus on great service to the senior community. We start with a good listening ear and go from there....visit our site for more information.
  • Reality Check | 23 Mar 2014, 05:32 PM Agree 0
    Our economy is 70% consumer driven. Without savings or further credit extension it has no upside potential and must correct. What we are seeing is not downsizing. It’s Necessizing!

    That’s where three generations of family members live under the same roof. One big home is financially more efficient than multiple smaller units. It’s happening now..Just look around.
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