May 4th - 2004

Preparing for the growing 'boomer market'

What type of property does the typical 60-something, empty-nester, recent retiree want you to find for them?

What type of property does the typical 60-something, empty-nester, recent retiree want you to find for them? The answer may be different than what you think.

According to the recent RE/MAX First Wave Report, there's a rapidly growing market of affluent baby boomers who are looking to upsize to more expensive homes for their retirement and some are even assuming bigger mortgages. That's a far cry from the stereotypical picture of the aging retiree looking to downsize to a smaller one-story, mortgage-free home.

Statistics Canada predicts that “over the next ten years, the oldest baby boomers will swell the ranks of the 55-64 age group and the changing housing needs of this demographic will have a considerable influence on the housing market.” Stats Can’s research also states that “housing represents a significant source of wealth for homeowners, accounting for about 40 per cent of the average net worth of homeowners.”

So what are REALTORS doing to keep in step with this new age group of senior homebuyers? Many are shaking off the stereotypes and learning as much as possible about the demands of the “active-lifestyle” senior so as to be better prepared to meet them. Two REALTORS in the Ottawa area have embraced this concept and now specialize in meeting the needs of the over 55 crowd.

Known as the Brobus Team, REALTORS Lysanne Brault and Christine Bussières  spent three years researching the needs and wants of baby boomers and hosts seminars in the Ottawa area on the subject. The pair were quoted in the Ottawa Citizen saying, "We've done research with focus groups, and used data from Stats Canada, Canada Mortgage and Housing Corporation, the province, different home builders and the Ontario (and Canadian) Real Estate Association during the past three years. Everything tells us that there is not enough awareness or action to deal with this important demographic housing issue. People need to know more about adapting their homes to suit their changing lifestyle and improve their resale value."

Some of the findings of the Brobus Team’s research:

Housing trends

  • Overlap of boomers and seniors getting larger. Impact of retirement and aging to peak in the next 25 years.
  • In 2006, one in five Canadians will be 65 and older. They will have a higher life expectancy, active lifestyles, be technology smart and mainly kid, debt and mortgage-free.
  • 65 per cent of boomers like to cocoon at home. They modify their environment for maximum comfort and relaxation and adapt it for hobbies.
  • Home-based businesses, working retirement and home-care arrangements are increasing.
  • Greater demand for ageless housing features, including universal barrier-free designs for a range of mobility and disability conditions; conveniently placed electrical outlets; better technology to provide alarm systems and improved security.
  • Desire for multi-generation housing designs with separate living areas, in-law-suites and walk-out basements. Also customized garden-suite homes on large lots to provide two ground-level units for split living.
  • Return to condo townhouse and freehold townhouse with co-tenancy, shared property or road, access to pool or tennis courts.
  • Locations required close to conveniences and facilities and in a community setting with social groups. 

Source: The Brobus Team, website www.brobus.com.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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