A significant proportion of Canada’s baby boomers are considering condominiums as their primary choice of residence upon retirement, according to the newly released Royal LePage Boomer Trends Survey.
When asked about their home purchase plans for the next 5 years, 32% of respondents indicated a desire to get condos, while 10% expressed a preference for semi-detached/town homes. Meanwhile, 5% of boomers want recreational properties, and nearly half (45%) said that they are most likely to purchase detached homes.
In B.C., 42% of boomers polled stated that they are planning to use their current homes to fund condo purchases that would serve as their next homes. 37% also said that they would be willing to move to more affordable locales for their purchases.
“More and more, we’re seeing baby boomers in British Columbia downsizing from a detached home to a condominium,” Royal LePage Northstar Realty managing broker Michael Trites said. “Increasingly, they are transitioning into condos to unlock some of the equity they have built up in their homes, while gaining more flexibility as their health and lifestyle preferences change.”
On the other hand, 46% of Ontario boomers said that they would go for condos as their next homes. 40% expressed readiness to move to new markets in search for greater affordability, with 32% saying that they are willing to move more than an hour away from their current locations.
“Boomers in Ontario are looking to reduce expenses as they approach retirement,” Royal LePage Your Community Realty broker Caroline Baile explained. “They are looking to transition into a lifestyle that gives them more freedom to pursue other activities without having to deal with time-consuming upkeep and unexpected repairs.”
Meanwhile, Quebec’s boomers are the most likely to be satisfied with their current living situation, according to the poll. Only 11% said that they are planning new home purchases in the next half-decade, and fully 62% preferred to renovate than buy a new residence. They are also the most likely to stay put in their current locations, with 77% saying that they are not planning to move to a new market upon retirement.
“When boomers in Quebec sell their property, it’s normally for one of two reasons: to pull out the equity to enjoy life or to help their children purchase a home,” Royal LePage Tendance broker Pierre Lafond said. “Those looking to rent a property choose that lifestyle to avoid the potential hassle of being a property owner. If they are looking to downsize, they normally ‘trade up’ into a more high-end house or condo.”
