Who wants to trade in their single-family homes for downtown condos or terrace houses? It used to be those close to retirement but new research from Royal LePage Real Estate says this is no longer the case.
The poll by Leger Marketing found that of the 40.6 per cent of Baby Boomers (born between 1947 and 1966), who do have plans to move to another primary residence, almost half (43.5 percent) are looking to purchase another primary residence that is a similar size or larger than their current property. Of the total responses from Baby Boomers who intend to purchase their next primary residence, 66.8 percent said they will do so in the next five years.
?Baby Boomers are the wealthiest generation in Canadian history. They live in large homes with ample space for their many possessions. They love their garages and their yards. This study clearly indicates that contrary to popular belief, most Boomers do not intend to downsize anytime soon,? said?a statement from Phil Soper, CEO of Royal LePage Real Estate.
Male Baby Boomers, who are planning to move, are more keen on upsizing their residence than women, with 23.0 percent reporting that they plan on moving to a larger residence compared to 12.1 percent of women. Baby Boomers looking to purchase a condominium prefer less amenities and low maintenance fees (54.5 percent) over properties that have many amenities (39.1 percent). Seventy-eight per cent of Baby Boomers currently own their own homes.
Contributing to the desire of Baby Boomers to continue to invest in large, suburban homes is the reality of housing children well into adulthood. According to the survey, a quarter of Generation Y lives rent free because of arrangements with family or friends, but that number climbs to 33.4 percent in the Prairies, 29.7 percent in?Qu?bec and 27.2 percent in Ontario.
?The adult children of Baby Boomers aren?t going anywhere fast. Good jobs have proven more difficult for them to find, they?re extending their studies and they?re living at home. It is no wonder the concept of swapping a family-sized home for a small retreat has lost its luster,? said Soper.
Meanwhile, members of Generation Y (those born between 1980 and 1994), who plan to purchase their next residence, are most interested in single-family multi-storey homes (50.6 percent) and bungalows (19.0 percent). Only 15.7 percent of Generation Y said they plan to buy a condominium or an apartment. In comparison, 22.9 percent of Baby Boomers looking to purchase their next residence desire condominiums or apartments.
The survey found that more than half of Generation Y planning to purchase their next residence, intend to purchase in the suburbs (55.7 percent) compared to the downtown core of a city (21.7 percent). Forty-three per cent of current non-owners who plan to purchase in the next five years say it is because they are planning to start a family in the near future. Among this younger demographic planning to purchase their next residence, the safety of a neighbourhood and proximity to their work, family and friends are the most important attributes when selecting a new home. Keeping in mind that nearly half of Generation Y listed their near-term plans to have children of their own (42.0 per cent) as a motivating factor to purchase, the least important factors are proximity to the downtown city core and restaurants or entertainment.
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| Royal LePage Baby Boomer and Generation Y Survey? Survey Results for Respondents Who Plan To Purchase a New Primary Residence? | ||
| Baby Boomers (1947-1966) | Generation Y (1980-1994) | |
| When I move I plan to? | ||
| Upsize | 17.6% | 63.2% |
| Same Size | 25.9% | 20.9% |
| Downsize | 54.0% | 12.9% |
| I don?t know/ I prefer not to | 0.7% | 2.2% |
| What type of property are you interested in for your next primary residence? | ||
| Multi-family properties | ||
| Condominiums/Apartments | 22.9% | 15.8% |
| Single family homes | ||
| Townhouse | 6.8% | 7.3% |
| Bungalow | 39.0% | 19.0% |
| Single family multi-storey | 18.8% | 50.6% |
| Sub-total | 64.5% | 76.8% |
| Other | ||
| Recreational property | 5.9% | 1.7% |
| Other | 3.0% | 2.8% |
| I don?t know/I prefer not to | 3.3% | 2.9% |
| What features/amenities are most important to you in purchasing your next primary residence? | ||
| Safety of the | 61.9% | 63.2% |
| Includes a backyard or balcony | 69.6% | 66.3% |
| Style of the home | 63.5% | 60.9% |
| Garage or driveway | 67.8% | 57.7% |
| Square footage of the property | 50.2% | 49.9% |
| Green/energy efficient | 27.2% | 20.2% |
| Swimming pool | 12.7% | 8.9% |
| Proximity to work | 16.7% | 47.1% |
| Proximity to public | 29.0% | 31.2% |
| Proximity to family and friends | 23.3% | 34.3% |
| Proximity to downtown/city core | 26.3% | 24.3% |
| Proximity to | 22.8% | 19.8% |
| Proximity to schools or daycares | 6.8% | 29.9% |
| Includes a gym or fitness centre | 7.0% | 7.9% |
You might also be interested in: Nearly one-quarter of BC homeowners rent out part of home?
Source: http://www.ilstv.com/not-all-baby-boomers-looking-to-downsize/
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