Baby boomers fuelling sales of luxury homes in big Canadian cities
Baby boomers continue to drive sales in the luxury real estate market, upsizing their homes while also helping their Gen-Y offspring with home purchases, according to a new report.
According to a new report conducted by Sotheby's International Realty Canada, Baby boomers continue to drive sales in the luxury real estate market, upsizing their homes while also helping their Gen-Y offspring with home purchases, according to a new report.
The report has examined generational differences between buyers in four different cities in Canada (Toronto, Vancouver, Calgary & Montreal). Baby boomers born between 1946 and 1964 tend to gravitate towards prestigious neighbourhoods.
Family-driven buyers from Generation X (The generation born right after the baby boomers) tend to purchase homes in neighbourhoods with high-quality schools and vibrant communities. The final generation, Generation Y, which are also known as Millennials & the typical first time home buyers, tend to prefer trendy and urban neighbourhoods with high walkability scores. Millennials value transit more than ever, with some purchasing homes/condos as high as $1.5-million, with zero interest in purchasing a car.
What is surprising is that baby boomers, who were widely expected to downsize during retirement, are instead upsizing and purchasing homes in luxury neighbourhoods.