(NC) – Baby boomers will continue to drive the housing market over the next 20 years, says a recent report from the Conference Board of Canada.
The demands of this group however, are quite different than those of buyers in other groups.
They are looking for smaller, less burdensome housing such as condos or bungalows.
“As the population ages, there will be a demand for a different type of home that will meet boomers’ needs,” said Ron Abraham, president of the Ontario Real Estate Association (OREA).
“In addition to condos and bungalows, some developers are responding to this growing market of aging boomers by offering home designs that cater to multi-generational living, with dual master bedrooms or separate lofts, for example.”
Whether folks prefer living in a secure building or need a house with everything on one storey, we are definitely going to see a change in what’s offered on the market, according to Abraham.
He recommends that all homeowners think about how their needs will change as they get older.
For baby boomers who don’t have a plan in place for their next home move, Abraham recommends they speak with a Realtor now to find out the value of their property and discuss possibilities for a future home.
“A realtor can help you learn what housing options are out there and plan for your next stage of home ownership,”Abraham said.
Abraham shared these tips for boomers considering a home change:
– think about your lifestyle: Do you plan to travel or have potential health issues? If so, a single-level home or a condo might be the best fit;
– downsizing is not a boomer’s only option. Buying a house now that can be converted into multiple units to rent later allows you flexibility as your circumstances change; and
– speaking with a realtor about buying and selling options can sometimes reveal certain opportunities that might not otherwise have been considered.
For more information on buying and selling a home visit www.howrealtorshelp.ca.
– www.Newscanada.com
