With the kids out of the nest and retirement approaching, Ontario Baby Boomers surveyed are looking to simplify their lives and save costs by downsizing their homes, shows new market research commissioned by Harmony Village.
The poll, which interviewed Ontario homeowners 50 years and older, found that six in 10 of those surveyed expect to sell their existing homes and buy or rent smaller living spaces over the next five years. Top reasons for moving from their existing home are reducing maintenance work (81 per cent), lowering the cost of living (80 per cent), moving to a smaller home (62 per cent) and increasing their ability to travel more (60 per cent). Slightly more than half, 54 per cent, plan to use the surplus cash from downsizing to help finance their retirement.
“This approaching wave of downsizing will further boost the condo market, especially for facilities that are offering the upscale comforts and lifestyle communities that Boomers will be demanding,” explains Jack Pong, CEO of City Core Developments, one of two developers behind Harmony Village, which has two sites currently planned in Toronto and Barrie, Ont. “This current survey confirms that this demographic places the highest importance on maintaining an independent lifestyle in an urban setting.”
Eighty-eight per cent of the homeowners surveyed own a detached home, six per cent a semi-detached, three per cent a condo unit and two per cent a row or townhouse. Of the six in 10 homeowners looking to downsize, 78 per cent say this would be their final home. Half (47 per cent) would consider a condo or apartment unit.
The online survey, conducted from Feb. 21 to Feb. 24, polled 508 randomly selected Ontario adults aged 50 and older who currently own their home, are considering purchasing or renting real estate, and who are Angus Reid Forum panelists.