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32% Of Baby Boomers Expect To Sell Their Homes

While traditionally, baby boomers have been known to sell their family homes and downsize or move into retirement communities, recent trends show a shift in this behavior. A significant number of baby boomers in Canada are choosing to age in place, retaining their homes rather than selling them.

This trend has been exacerbated by the COVID-19 pandemic, with many boomers witnessing the tragedies that occurred in long-term care and retirement facilities and becoming wary of such futures.  A study by a Real Estate comapny found that 52% of boomer homeowners would prefer to renovate their current property over moving.

This trend is also reflected in the rise of reverse mortgages, which allow Canadians aged 55 and over to draw on a portion of their home equity.  However, not all baby boomers are choosing to stay put. Some are looking to DOWNSIZE or move out of big cities due to affordability concerns.

The trend of baby boomers not moving from their family homes has greatly impacted the supply of homes available for younger generations to purchase, particularly in the Toronto and Greater Toronto Area marketplace.  This has created a bottleneck in supply, with 40% of Canadians born between 1946 and 1965 having at least half of their net wealth tied up in real estate.

While a significant number of baby boomers are choosing to age in place, others are looking to downsize or move to more affordable locations. This trend has significant implications for the real estate market, particularly in terms of supply for younger generations.

Townhomes can be a good option for retirees due to several benefits, including:

Geographic Change: Townhome communities offer various locations that can accommodate different preferences, such as proximity to places of worship, medical services, volunteer opportunities, shopping, or recreation.

Less Exterior Maintenance: Townhome living generally requires less square footage and maintenance, as the homeowner associations take care of exterior work like lawn care, sprinkler services, snow removal, roofing, siding repairs, and pest control.

Freedom and Flexibility: With less upkeep, retirees have more time to pursue their interests, such as sports, fitness, community events, and hobbies. Townhome communities offer various activities and amenities, providing newfound freedom for retirees.

Convenient Locations: Townhomes are often situated near vibrant establishments, offering ample choices for entertainment, dining, and shopping. Some townhomes can also be within walking distance to community centres and parks, making them suitable for retirees.

Sense of Community: Townhome communities provide a great sense of community, offering social events and opportunities to make new friends. This can be crucial for retirees, providing a supportive and engaging environment.

Security: Many townhome communities offer security features and a sense of safety, which can be reassuring for retirees.

Affordability: Townhomes can offer lower purchasing costs and maintenance expenses compared to single-family homes, making them a more affordable option for retirees.

Amenities and Features: Many senior townhouse communities offer a wide variety of amenities such as onsite golf courses, tennis courts, and communal activities, which can encourage social interaction and facilitate new areas of growth in personal life.

Townhome living can provide retirees with a convenient, low-maintenance, and socially engaging lifestyle, making it a favorable option for those looking to downsize and enjoy their retirement.