VANCOUVER (NEWS 1130) – When it comes to moving the real estate market, don’t count aging baby boomers out yet. A report finds almost 1.5 million of them plan to buy a home — most likely a condo — in the next five years.
According to the latest “Boomer Trends Survey” from Royal LePage, 17 per cent of Canadian boomers think they’ll be wading back into the real estate market soon, selling longtime homes and downsizing.
But managing broker Michael Trites points out the aging demographic is still dealing with full nests, particularly here on the West Coast, where 24 per cent of respondents with children living at home don’t expect them to leave until after the age of 35.
“It’s highest here… it comes back to affordability. You can’t buy the $200,000 or $300,000 property anymore. For the most part, those are twice that amount.”