Friday, September 27, 2013

Majority of Baby Boomer Looking to Downsize

  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.

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Royal LePAGE Locations North (Brokerage)

330 First Street, Collingwood, ON L9Y 1B4


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Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.