Real Estate in Nanaimo and the Baby boomers
Ever since the 1950's baby boomers have made a huge impact on everything consumer oriented including real estate. Real Estate in Nanaimo and the baby boomers is no different in terms of impacting the market.
I have just read the TD Canada Trust Boomer Buyers Report. With baby boomers reaching retirement age it stands to reason that a change in living accommodation will follow. How will this change impact the Nanaimo real estate market in particular?
According to the report the following information was learned:
•· Boomers in B.C. are least likely to say they will continue to live in their current home during retirement (40% versus 49% nationally).
•· B.C. boomers are following the national trend and plan to down-size for their next home purchase.
•· According to the TD Canada Trust Boomer Buyers Report, four-in-five Canadian boomers say their next move will be to a smaller home.
•· Almost half of boomers in B.C. will consider buying a property south of the border.
•· British Columbian boomers are least likely to already own a vacation property (3% versus 9% nationally), but 15% plan to buy one for their retirement.
With the boomers making up such a large part of the consumer real estate market in Nanaimo it stands to reason that the above facts will have an effect on the Nanaimo real estate market. If 49% of boomers in BC plan to downsize it makes sense that there will be a number of larger, family homes going on the market and there should be a big demand for smaller homes like ranchers or patio homes. It seems that there will also be a healthy market in vacation property.
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