In a recent survey done by our provincial association the Ontario Real Estate Association (OREA), more than 900 REALTORS® reported that a majority of baby boomers are looking for properties that will allow them to downsize.
According to the June survey, responding REALTORS® indicated that their clients between the ages of 48 and 67 are searching for smaller properties. REALTORS® were asked, “Generally speaking, what types of properties are your baby boomer clients seeking?” Multiple responses were permitted, and a majority (61%) said their clients were seeking smaller houses such as bungalows. Almost half (47%) included condos or apartments, 25% included investment properties, 22% included land or cottages, and 21% included townhouses. Only 15% of respondents said their boomer clients sought larger homes.
This is certainly very much the case in the southern Georgian Bay area where many buyers we deal with are looking for a retirement property or perhaps a recreational property that will be their retirement residence down the road. Bungalows, or at least homes with a main floor master are very much in demand as are condominiums with the same type of floor plan.
These survey results very much reflect the accuracy of one of my favourite quotes. In his book Boom, Bust, Echo, Dr. David Foot said "real estate is affected more by demographics than it is by economics." Although his book was first published in 1996, this quote is proving to be timeless and still holds up as accurately today as it did 17 years ago.