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Real Estate Investing

Aging ‘boomers’ are shifting their priorities

Recently, the Canadian government conducted a national census and the results are interesting to say the least.  Here’s a sampling of the findings:

  • There are now a record 4.3 million seniors in Canada
  • 1 out of every 7 Canadians is now over 65
  • Retirement-minded Canadians aged 55 to 64 are the fastest-growing demographic, accounting for 3.7 million people - a 28% rise from just five years ago.
  • Canada’s median age -- the point where half the country’s population is younger and half is older -- soared to an all-time high of 39.5, just a few months shy of 40 years old.

 

Combine our increased life expectancy with a declining birth rate and the trend to a rapidly-aging population looks set to continue into the future.  As our population
becomes increasingly older, their lifestyle needs will change, and we can expect that this will have a dramatic effort on the real estate markets in the future.  Here are some of the housing types and amenities that will appeal to this growing demographic group:

  • Low maintenance, urban dwellings such as condo apartments and freehold townhouses
  • Bungalows and properties with few interior or exterior stairs
  • Multi-family dwellings, with in-law apartments or ‘granny flats’
  • Easy access to hospital and medical facilities
  • Access to reliable and frequent public transportation routes
  • Luxurious features and labour-saving devices that are easily affordable to these affluent consumers; they may want to down-size, but up-grade.

 

If you’re looking to buy a home or upgrade your existing property, it pays to keep an eye on the future and consider where tomorrow’s customers may be coming from.  Want help in deciding what home improvements will give you the most bang for your buck, now and in the future?  Why not contact your local Coldwell Banker® real estate professional?  You’ll be glad you called me first. http://www.epsteinrealestate.com

Published Sunday, December 30, 2007 10:09 PM by Jordan Epstein
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