Baby boomers

Ontario boomers are looking to downsize: Survey

Wednesday, March 26, 2014

According to new market research from residential community Harmony Village, 59 per cent of Ontario baby boomers are looking to downsize to smaller homes within the next five years.

The research polled 508 randomly selected Ontarians, aged 50 and over, who currently own their homes and are considering purchasing or renting real estate.

Some of the most popular reasons cited for moving from current residences include:

  • Reducing maintenance work (81 per cent)
  • Lowering the cost of living (80 per cent)
  • Moving to a smaller home (62 per cent)
  • Increasing ability to travel more (60 per cent)

“This approaching wave of downsizing will further boost the condo market, especially for facilities that are offering the upscale comforts and lifestyle communities that boomers will be demanding,” says Jack Pong, CEO of City Core Developments, the developer behind Harmony Village. “This current survey confirms that this demographic places the highest importance on maintaining an independent lifestyle in an urban setting.”

Of those surveyed, 88 per cent own a detached home, six per cent own a semi-detached, three per cent own a condo unit and two per cent own a row or townhouse. Those looking to downsize indicated that this move would be their last, and 47 per cent would consider moving to a condominium unit or apartment.

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