According to a new survey by Royal LePage, more than half of the members of the generation of baby boomers in Ontario I think large cities are unsuitable for retirement. Therefore, they might consider moving. The survey was eaten among 1,000 Canadians born between 1946 and 1964.
This means that soon the housing market will feel a new influx of real estate when seeking to calm the citizens will put their family home up for sale.
The survey showed that 63% of Ontario respondents believe the province is too expensive.
The only province which would cost the residents even more expensive, according to respondents, became British Columbia.
Phil Soper, CEO of Royal LePage, said that small tourist towns such as Collingwood, for example, Tremblant, feel the inflow of citizens of the generation of baby boomers, because they are not large, but retains all the urban advantages: quality roads, hospitals, cinemas, restaurants, and this is what the people expect, approaching retirement age.
“The trend is not that people in old age are moving further from the centre. The trend is that people are not able to stay where they live now,” said Soper.
According to the survey, the generation of baby boomers enters the real estate market for the first time in a long time, and all because their children – the Millennials – do not hurry so soon to leave the family nest, as did the previous generation.
According to the results, 18% of respondents did not expect that their children leave the house in 30 years. Another 9% said that their children moved out after 35. According to Statistics Canada, just over a third of young people aged 20 to 34 lived with their parents in 2016. In Ontario, this number was higher – 42,1%.
Paul Kershaw, Professor, UBC, published a calculation last year that shows what’s required now more than 15 years to save up twenty percent downpayment required to purchase a house in Toronto. In 1976 it would be enough to six years and by 2010, was required to defer a little less than 12 years.