More than a third of people born between 1946 and 1965 are considering purchasing a home in Canada over the next five years. This accounts for 3.2 million people, many of them downsizing and many of them buying investment properties.
Almost 50 percent also believe now is a good time to sell their homes. To be fair, this number seems low considering how bloated the real estate market is, but it’s still a lot of people. Specifically, it’s a large group that could sell their homes for a large profit raising average home prices across the nation.
“Fully vaccinated, and turning a cold shoulder to retirement, the typical member of this huge demographic is enjoying an empty nest and believes real estate is a good investment. Millions of boomers are expected to wade into the market over the next five years,” said Royal Lepage president Phil Soper.
56 percent of people from the baby boomer generation consider moving out of a city to a more rural area. Likely because 65 percent of working boomers find their current living regions to be unaffordable. Still, only 42 percent are considering moving away from a city during retirement.
A majority of 63 percent said they would downsize their space, 53 percent are looking for similarly sized houses, and a smaller percentage of 28 plan to move to a larger home. When asked why many homeowners wanted to downsize, the most popular answer was less home maintenance. Beyond that, people are also looking to save money and travel.
Source: Royal Lepage