Swan lake towns. Who plans to buy a home within 5 years?
Swan lake towns. Who plans to buy a home within 5 years? Even though millennials and generation Z Canadians have felt unable to enter the real estate market, postwar baby boomers have hardly given up buying homes; according to a survey, about 35% of postwar baby boomers plan to buy homes in the next five years, and nearly 30% will consider helping their children buy homes.
About 3.2 million Canadian postwar baby boomers (born between 1946 and 1965), or about 35 per cent of postwar baby boomers, said they were considering buying a home within five years, according to a survey commissioned by Leger by Royal LePage.
According to the survey, 59 per cent of Toronto’s postwar baby boomers considering moving over the next five years said they would move to a property with a smaller floor area, but 41 per cent said they were not sure or did not think it would reduce the living space.
57% of respondents in Toronto said they were considering buying a property of the same size as the current living area, while 26% said they would buy a property with a larger area.
Phil Soper, chief executive of Royal Real Estate, says studies over the past decade have shown that postwar baby boomers are not necessarily interested in reducing living space.
He pointed out that although more than half of the interviewees indicated that they would consider moving to the suburbs, property prices in the suburbs have risen rapidly and properties in some traditional resort areas have become unaffordable. Apart from buying properties with a larger floor area, more cash can also be used for travel or retirement.
Soper said that for most postwar baby boomers living in properties with staircases, there is no impact. When they want to live in properties without stairs, they will consider moving houses. Most of these people say that it will not necessarily happen within 10 years.