|
Real Estate Trends: Today's 50-plus are rocking tradition, not chairs |
(NC)—Retire those 'old age' stereotypes. Seventy is the new 60. Fine dining trumps early bird specials. Condo living challenges retirement home living. With more than 10 million Canadians now aged 50-plus, the shifting mindset of this
(NC)—Retire those 'old age' stereotypes. Seventy is the new 60. Fine dining trumps early bird specials. Condo living challenges retirement home living. With more than 10 million Canadians now aged 50-plus, the shifting mindset of this demographic is resulting in significant changes within the country's housing market, and warrants special consideration.
To help consumers in this age group, Royal LePage (www.royallepage.ca) now offers its Realtors an opportunity to specialize in this area. Realtors who graduate from the Senior Real Estate Specialist program receive training to enable them to respond to the changing housing needs, desires and options available to the 50-plus market. Key findings of the Royal LePage 50-Plus Report (conducted by Maritz Research):
• Currently, 28 per cent of Canadians aged 50-plus intend to sell their home as part of their plans for making living arrangements in old age.
• Of this 28 per cent who intend to sell their home, the following are the main reasons cited for selling: concerned that their house will be too hard to maintain (67%), want access to equity (46%), plan to travel and do not want the responsibility of a house (38%), concerned that they will not be able to care for themselves (30%), and cannot afford to stay in their house (23%).
• Of the potential sellers in the aged 50-plus bracket, 37 per cent plan to move into a smaller, more manageable home and will use the equity from the sale of their home: to support retirement (86%), to travel (48%), to give it to their children (42%), and to purchase a recreational property (7%).
• Canadians aged 50-plus in the Prairie provinces (58%) rank highest for wanting to remain in their current home without making changes. British Columbians (32%) are the most likely to sell up or down size. Atlantic Canadians (9%) are most likely to modify their existing home for the aging years.
• Fifty-three per cent of Canadians aged 50 plus, plan to maintain the same lifestyle they did when working; in contrast to 61 per cent of Canadians aged 30-49 years. |
