A new survey by real estate firm Royal LePage predicts a coming surge in home sales throughout Ontario as aging baby boomers sell their houses and downsize.
The survey found that Baby Boomers consider big cities unaffordable for retirement, and so they're considering moving out of cities or downsizing. This means that baby boomers are looking to re-enter the housing market by selling their family homes. The survey polled 1,000 Canadians, born between 1946 and 1964, online between July 12 and July 17, 2018.
The survey indicated that 63% of Ontario respondents find the province too expensive, much higher than the national average. The only province that ranked higher was British Columbia at 78%. This is the first time in a long while, according to the survey, these people have been in the market because their children — mostly millennials — didn't fly the nest as early as previous generations.
According to the results, 18% of boomers said they didn't expect their children to leave home before the age of 30. The survey also found that 9% said they didn't expect them to leave before 35.
The struggle to afford their own house in cities such as Toronto is the main reason that millennials are living with their parents longer. According to Statistics Canada, just over a third of young adults, aged 20 to 34, lived with their parents in 2016. In Ontario, the number was higher: 42.1%.
Much of the boomer population surveyed indicated that they would prefer to move into a condo, especially in Ontario. The province's baby boomers are the most likely to consider downsizing as they approach retirement.
