Media across the country have received our Royal LePage Boomer Property Trends Survey. The release includes results from a poll conducted by Leger surveying Canadian baby boomers (currently aged 54 to 72) on real estate trends, which we believe will have a significant impact on the real estate market within the next five years.
Key highlights from the release include:
- 17 per cent of Canadian baby boomers are planning to purchase a new home in the next five years.
- 56 per cent of boomers consider their local housing market unaffordable for retirement.
- 9 per cent of boomer parents do not expect their kids to move out until after the age of 35; this number is almost three times higher in British Columbia.
- Many boomers are willing to help their children with real estate purchases. If asked for assistance by their child, 41 per cent would give less than 25 per cent of the home’s total value, while 5 per cent would give 25 per cent of the home purchase price or higher.
- Canadian baby boomers who plan to purchase a home in the next five years are most likely to buy a detached home (45 per cent), a condominium (32 per cent), a semi-detached or town home (10 per cent) and a recreational property (5 per cent).