Baby Boomers Drive Real Estate Sales

It shouldn't come as a surprise to anyone that Gen-50plus is a major force in the Ottawa real estate market.  A recent Canada Mortgage and Housing Corp (CMHC) report about the 2011 Ottawa resale market notes that baby boomers looking to downsize accounted for mor than 40% of all condominium buyers in Ottawa in 2011. That number is expected to grow to 50% by 2016. CMHC says that more than 170,000 people in the capital region fall into the 55-74 age bracket, and many of this group will be downsizing in the coming years. 

The boomers are looking to move from their large homes on large lots. They don't want the work or cost involved in maintaining a space they no longer need.  They want to simplify their lives so they have more time to spend on activities that are more fun, rewarding and interesting than doing housework and mowing lawns. They also plan to travel or spend the winters down south, so want a home where they can lock the door and walk away, knowing their property is secure. Many boomers are also being drawn to the urban lifestyle of the downtown core or communities like Westboro and Wellington Village. Condos meet all these needs, which is why the condo market has become so desirable for downsizing boomers.

Making the decision to downsize often takes several months, or longer, and involves a lot of work to dispose of personal belongings that have accumlated over the years. Downsizing to a smaller home means that the overwhelming majority of belongings have to given away, sold or trashed because they can't be moved.  This can be a tedious chore.  It can also be emotional, as people are forced to give up items that may have strong sentimental value. In my work with the 50plus market, I've seen people who find the preparations to downsize very difficult because it's difficult to dispose of belongings that reflect a lifetime of memories.  This process is more challenging if the adults don't have any children around to help with the work.  That's why there are a growing number of private businesses starting up to work with seniors and boomers who need help with downsizing.   In addition to my real estate services,  I will coordinate with other downsizing specialists to help prepare my client's home for sale, if these additional services are required and requested by my client.

Is a move in your plans for 2012?  I work in the Ottawa area market and offer services to both sellers and buyers.  If you're ready to make that move, contact me to arrange a free consultation to talk about your real estate plans and how I can help.

For More Information:
CMHC 2011 Canadian Housing Outlook
CMHC Housing Market Outlook-Ottawa
Ottawa Citizen Report on the Ottawa Housing Market, Dec 29,2011