Whether you are “downsizing,” or "rightsizing" in planning a retirement strategy,
For many years, there has been fear in the housing market that as the Baby Boomers entered their retirement years, so many would be selling their family homes that we would see a flood of houses come onto the market. This tidal wave of single family homes was expectd to create an imbalance by creating an over supply which would send house prices tumbling down.
Well, Here we are and the Baby Boomers are in fact retiring but quite unexpectedly, the Baby Boomers are showing no indications of giving up their single family homes. In fact, according to a National Survey conducted by Royal LePage, single family homes remain the housing choice of the Boomers.
Not surprisingly, almost 54% of those who were planning to purchase another home said they would be downsizing. But, that does not necessarily mean they will move to a condo. Only 22% indicated that they plan to purchase a condo, while 64.5% said they would purhase a single family home with bungalows being the most desire property and the choice of 39%.
Of those who indicated that they were considering a move to a condo, 50% said space will be a factor in their decision. With new buildings offering smaller and smaller spaces, Boomers who want the condo life will need to look at the older buildings which are larger and offer a locker and two parking spaces.