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Real Estate in Nanaimo and the Baby boomers

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?

Real Estate in Nanaimo and the Baby boomersAccording 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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