It used to be a common thought that at a certain time in their lives Baby Boomers would be looking to downsize and move from their single family homes. A recent article from Leger Marketing suggests that this may not be the case.
The poll, by Leger Marketing, found that of the 40.6 per cent of Baby Boomers (born between 1947 and 1966), who do have plans to move to another primary residence, almost half (43.5 per cent) are looking to purchase another primary residence that is a similar size or larger than their current property. Of the total responses from Baby Boomers who intend to purchase their next primary residence, 66.8 per cent said they will do so in the next five years
“Baby Boomers are the wealthiest generation in Canadian history. They live in large homes with ample space for their many possessions. They love their garages and their yards. This study clearly indicates that contrary to popular belief, most Boomers do not intend to downsize anytime soon,” said Phil Soper, chief executive of Royal LePage Real Estate.
Male Baby Boomers, who are planning to move, are more keen on upsizing their residence than women, with 23 per cent reporting that they plan on moving to a larger residence compared with 12.1 per cent of women. Baby Boomers looking to purchase a condominium prefer less amenities and low maintenance fees (54.5 per cent) over properties that have many amenities (39.1 per cent). Seventy-eight per cent of Baby Boomers currently own their own homes.