Halton's Seniors Move Towards Homes in Bigger Cities
Halton’s seniors are slowly moving towards bigger cities, and the housing market will inevitably change as a result.
According to a recent point2homes article, more seniors have started purchasing homes in cities with high populations of younger people.
This increase can be due to many different reasons, including wanting to downsize and trade the space of a full-sized home for the accessibility and comfort of a city home or apartment, investing in real estate for the future, or helping younger family members get a foot in the door of homeownership.
This trend could lead to a glut of boomer properties, more substantial homes located in smaller cities, which would not be of interest to younger generations. Younger residents are looking for smaller and more affordable homes as close to the hustle and bustle of downtown as possible.
With this increase of both older and younger generations looking for homes in the city, there is more pressure on the already overwhelmed condo market.
The article looked at population changes between 2006 and 2016 and the correlation between the percentage of seniors and home prices in Canada’s 150 biggest cities.
Cities across the GTA had the lowest amount of homeowners over 55.
In Brampton, the population rose by 37 per cent between 2006 and 2016. The number of seniors increased from 17 per cent to 22 per cent during that time. The senior population in Mississauga also increased from 20 per cent to 27 per cent over the decade.
Oakville saw an increase from 22 per cent to 27 per cent, while Burlington saw a rise from 27 per cent to 32 per cent. Milton decreased in the number of seniors over the decade by three per cent, with only 18 per cent of the population being seniors.
This trend of ‘younger’ cities receiving more seniors could cause the average home price to drop as the share of seniors increases.
And, as mentioned, as more seniors decide where to live, their choices may also have an impact on the housing market.
Ontarians will have to wait and see which way the market will head as a result.
Infographics courtesy of point2homes.
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