Boomers will trigger reno boom
September 7, 2018
Aging baby boomers will drive the home renovation market over at least the next few years as they opt to stay in their homes rather than downsize or move.
A recent Leger and Royal LePage survey of 1,000 Canadians aged 54 to 72 suggests that 60 per cent of boomers are opting to renovate their current house rather than buy a new home. The study also found that around 80 per cent of baby boomers plan to stay in their home for the next five years.
This leaves about 20 per cent, or 1.4 million, boomers planning to buy and sell homes in the next five years.
The study revealed that about 50 per cent of boomers plan to downsize, but there is no trend toward a single type of home they plan to buy.
56 per cent of the boomers surveyed online in mid-July said they consider the neighbourhoods they currently live in unaffordable—that number jumps to 63 and 78 per cent in Ontario and British Columbia respectively.