A report published by Mustel Group and Sotheby’s International Realty Canada finds that 86 percent of older homeowners in Canada’s key metropolitan areas want to live in their current home for as long as possible, but 36 percent expect to sell their current home and move to a new primary residence within their lifetime.
Titled “2020 Generational Real Estate Trends Report: Aging in Place,” the report uncovers trends related to aging and its impact on the housing aspirations, expectations and realities of Baby Boomers and older adults across the country’s major metropolitan real estate markets. The report also highlights the gap between this cohort’s desire to age in place in their current homes, and their expectations and plans to sell and move to another primary home during their lifetime.
Amongst those planning to sell and move, 76 percent expect that they will buy a replacement primary residence, thereby reinvesting in the real estate market, while 54 percent plan to move into a condominium, surpassing the demand for other housing types.