As the population ages in big numbers, it’s impacting everything from the job market, healthcare and the housing market. The percentage of homeowners in Canada who are people aged 65 and older continues to grow (they composed 25 percent of the homeowner market in 2016 and this was an increase of 5 percent from 2006, according to CBRE, reports moneywise.ca).
And the numbers follow suit south of the border. In the U.S., reports show the area where the number of homes owned by older adults will see an uptick. In America, the increase in the number of homes (as older adults downsize or leave behind properties) is expected to result in lower home prices.
Is the same trend expected in Canada’s housing market? The policies and plans have anticipated this and have plans in place for the increase in population growth in Ontario, for one, and nationally, the country has an ambitious immigration system, reports moneywise.ca.
So are home prices expected to drop? And if so, in what areas? Learn more about the country’s aging populations impact on the housing market and how the diversity of the aging population will play a factor at moneywise.ca.