Ontario baby boomers approaching or already in retirement are seriously planning on moving out of unaffordable big cities and into smaller towns and cities instead. This revelation comes courtesy of a survey from Royal LePage. This is significant in cities such as Toronto.
That means that baby boomers are looking to re-enter the housing market by selling their family homes and moving into smaller and more practical dwellings.
The survey polled 1,000 Canadians, born between 1946 and 1964, online between July 12 and July 17, 2018.
The survey indicated that 63 per cent of Ontario respondents find the province too expensive, much higher than the national average. The only province that ranked higher was British Columbia, at 78%.
This is the first time in a long time, according to the survey, these people have been in the market because their children — mostly millennials — didn’t fly the nest as early as previous generations.
According to the results, 18 per cent of boomers said they didn’t expect their children to leave home before the age of 30. Nine per cent said they didn’t expect them to leave before 35.
According to Statistics Canada, just over a third of young adults, aged 20 to 34, lived with their parents in 2016. In Ontario, the number was higher: 42.1 per cent.
A large percentage of boomers indicated that they would prefer to move into a condo, especially in Ontario. The province’s baby boomers are the most likely to consider downsizing as they approach retirement.
This means condo prices could be upward bound.
This generation of boomers have lived in urban areas for most of their lives and aren’t inclined to move into the countryside as many previous generations did.
They are active and more adventurous and would like to live in smaller and more affordable towns that have good restaurants, theatres and other urban-like amenities that make their lives more enjoyable. Smaller communities like Belleville and Collingwood in Ontario are examples of smaller cities that are seeing many big city boomers moving in and calling it home. -CINEWS