A survey conducted this summer by Royal LePage revealed that 3.2 million Canadian baby boomers are thinking of buying a home in the next five years. And they’re not simply settling down into their current home and buying other properties; 45 percent believe now is a good time to sell their home.
People think of taking things down a notch as they get older, but this generation doesn’t appear to be slowing down, says Phil Soper, president and CEO of Royal LePage. He notes that the typical baby boomer is enjoying having an empty nest and is looking to invest in real estate.
What they’re looking for in a property differs. While 57 percent said they’d buy a detached house, another 19 percent prefer a condo or apartment. Yet there is a solid 52 percent who said they’d rather renovate their current home than purchase a new one.
The majority (63 percent) would consider downsizing from their existing home, mainly for having to do less home maintenance, however 39 percent stated their reason is to free up money for retirement.
They’re also helping (or would consider helping) their own children buy a home. Twenty-five percent would help their offspring make that purchase. Soper points to the rise in home values across Canada, along with stricter mortgage stress test measures being factors in adult children turning to their boomer parents for help in buying a home.
For more of the statistics revealed about the baby boomer generation and their plans when it comes to real estate, check out the Royal LePage survey results here.