Canada’s growing demographic of retirees and senior citizens is already having a strong impact on real estate market trends. This group of senior buyers and sellers will undoubtedly continue to play a key role in Canada’s real estate market in the years to come.
The numbers are indeed quite staggering. The older population is booming and according to Employment and Social Development Canada (ESDC), in 2011 there were approximately 5 million people, aged 65 or older, living in Canada. By 2036, that number is expected to approach 10.4 million, meaning roughly 1 in 4 Canadians will be a senior citizen. Clearly, the real estate industry needs to pay attention to this growing population.
One of the many fine qualities of this demographic is that they usually know exactly what they want when it comes to buying a new home. Interestingly, many are following the same path as younger buyers who seek an urban lifestyle that provides easy access to amenities – restaurants, recreational facilities, cultural centers, etc. They enter the market with higher income and educational levels than previous generations. Many of them are also experienced in having lived through numerous real estate transactions during their lives. They understand the responsibilities of home ownership. In every respect, they are savvy buyers and sellers.
When representing senior buyers and sellers, I work closely with my clients to help them achieve their own unique goals as they transition into a new phase of their life. For some, that might mean downsizing to an upscale downtown condo, purchasing at an assisted living facility that caters to their immediate needs or even buying a quaint farmhouse outside of the city. Since every client and set of circumstances is unique, the possibilities are endless. As a Realtor, my senior clients pull me in new directions every day and that is a large part of what makes my job fun and exciting. In every instance, it’s all about embracing the positive aspects of life’s passages and celebrating change with a house that fits.