Baby Boomers are downsizing in Nanaimo
The Royal LePage Boomer Trends Survey, released this year, found that 17 per cent of Canadian baby boomers (born between 1946-1964) are planning to purchase a new home in the next five years.
They found that 1.4 million boomers across Canada expect to buy a home in the next 5 years. This is expected to have a meaningful impact on the housing market, as the group represents 1.4 million potential buyers and sellers.
The research, conducted by Leger for Royal LePage, found that more than half (59 per cent) are opting to renovate their current residence rather than buying a new home.
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
32 per cent of boomers looking to buy in the next five years most likely to purchase a condo
If you are one of the 41% of Boomers that plans to move or downsize their homes you may be wondering what are the best downsizing housing options available in Nanaimo.
“While the wave of older consumers will increase competition for condominium property in particular, there is no single type of home that boomers will be investing in.” said Phil Soper, president and CEO, Royal LePage.
“Our research does indicate that smaller cities and recreational areas will attract more investment than major cities,” continued Soper. “This large segment of the population views our big cities as generally unaffordable for retirement purposes.” This could have a very big impact on Nanaimo, Ladysmith, Parksville, Nanoose and Qualicum
Condo - According to the survey 32 per cent of boomers looking to buy in the next five years are most likely to purchase a condo
Most downsizers that I work with who have decided on a condo are looking for a minimum of a 2 bed 2 bath unit preferring some outdoor patio space and some newer finishings. The key neighbourhoods of interest to this group are: -
Old City which offers shops, restaurants, the waterfront and the ability to walk to services. Some condo options in Old City are:
Brechin Hill along Stewart Ave.- This area is close to the waterfront walkways offering an active lifestyle
North Nanaimo and Uplands – These neighbourhoods are in the north end of the city and offer shopping malls and big box stores as well as easy access to the parkway. One of the favourite condo developments for downsizers in the north end is the Longwood complex.
Here are some other housing options in Nanaimo that will likely appeal to these downsizing baby boomers.
Rancher homes – In some parts of the country ranchers are referred to as bungalows. Rancher homes are an excellent choice for people who still want a single family home with some yard area. The single level living of a rancher home works well for people looking for housing options without stairs.
Having all your living on one floor means people can age in place without needing to move when stairs become difficult for them. To view available rancher homes please click here
Patio homes - A patio home is a single level rancher style home which is part of a unit of several houses attached to each other, typically with shared walls between units. In most cases patio homes are part of a strata complex where the strata fee covers landscaping and maintenance of the property. Here is a list of available patio homes in Nanaimo
Townhouses – Are a number of homes in a strata complex that are attached or sometimes detached. They commonly have two levels and many of them have garages. There is a basement entry townhouse that has the main living upstairs and usually a rec room or a couple of bedrooms downstairs. The ideal townhouse style is the main level entry where you have all your living including the master suite and laundry on the main floor. Additional living space downstairs can include a family room, bedrooms, office etc. Click here to see new listings of townhouses and condos.
If you are considering downsizing please feel free to contact me to discuss the different housing options that may work best for you.