Royal LePage Boomer Property Trends Survey

Media across the country have just received our Royal LePage Boomer Property Trends Survey. The release includes results from a poll conducted by Leger surveying Canadian baby boomers (currently aged 54 to 72) on real estate trends, which we believe will have a significant impact on the real estate market within the next five years.

https://www.royallepage.ca/en/realestate/news_fr/more-than-1-4-million-boomers-across-canada-expect-to-buy-a-home-in-the-next-five-years/

Quebec 
Boomers in Quebec are the most likely to be content with their current living situation. Eleven per cent plan to buy a new home in the next five years, and 12 per cent plan to buy a new home in retirement – both the lowest proportions of all regions surveyed. Almost two-thirds (62 per cent) said they would prefer to renovate than buy a new home and 77 per cent have no plans to move to a new city in retirement – tied with the Atlantic provinces for the lowest proportion of all regions surveyed.
The survey found that these plans remain intact even as their lifestyles change. Twenty-seven per cent of boomers in the province plan to downsize as they approach or enter retirement and 16 per cent plan to downsize when their children move out – also the lowest percentages in the country.
“When boomers in Quebec sell their property, it’s normally for one of two reasons: to pull out the equity to enjoy life or to help their children purchase a home,” said Pierre Lafond, broker, Royal LePage Tendance. “Those looking to rent a property choose that lifestyle to avoid the potential hassle of being a property owner. If they are looking to downsize, they normally ‘trade up’ into a more high-end house or condo.”
Despite widely believing that home ownership is a good investment (89 per cent of respondents), boomers in Quebec are the least likely to own their home (72 per cent own) slightly higher than those in British Columbia (70 per cent own). Half (50 per cent) of boomers in Quebec believe the housing market in their area is affordable. 

Key highlights from the release include:

• 17 per cent of Canadian baby boomers are planning to purchase a new home in the next five years.
• 56 per cent of boomers consider their local housing market unaffordable for retirement.
• 9 per cent of boomer parents do not expect their kids to move out until after the age of 35; this number is almost three times higher in British Columbia.
• Many boomers are willing to help their children with real estate purchases. If asked for assistance by their child, 41 per cent would give less than 25 per cent of the home's total value, while 5 per cent would give 25 per cent of the home purchase price or higher.
• Canadian baby boomers who plan to purchase a home in the next five years are most likely to buy a detached home (45 per cent), a condominium (32 per cent), a semi-detached or town home (10 per cent) and a recreational property (5 per cent).
• Quebec boomers are the least likely to purchase a new home. Eleven per cent plan to buy a new home in the next five years, and 12 per cent plan to buy a new home in retirement – both the lowest proportions of all regions surveyed.