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According to a survey, about 35% of postwar baby boomers plan to buy their own homes in the next five years, and nearly 30% will consider helping their children to buy their own 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.
He said that many postwar baby boomers (aged 56 to 75) are still working, and many want to own properties that require less maintenance so as to free up more money for retirement or travel.
The report points out that one quarter of the post-war baby boomers surveyed across the country said they had helped their children buy their own homes. In Toronto, 26% of the respondents said that they were still living with their children, and the average price of the property they lived in was about 1.1 million yuan. 29% said they would consider helping their children buy their own homes.
Thirty-four per cent of postwar baby boomers in Toronto said they would consider postponing retirement to help their children pay the down payment, while 27 per cent of national respondents thought so.
The survey report points out that among wealthy postwar baby boomers, property accounts for a large proportion of their wealth; 40% said that property accounts for 1 / 5 of their net assets, and Toronto is the highest in the country, accounting for 54%.
75% of postwar baby boomers own their own properties, and 64% have no mortgage burden.