Seniors are struggling to hold on to their homes, too

To date, baby boomers have won at every level of local real estate and yet even they are struggling. This group isn’t small either, by 2030 seniors are expected to comprise almost one in four Canadians. Knowing the strength of this demographic, the question is what are seniors planning on doing and how will it impact our market in 2020?

As the cost of living rises, older people are becoming increasingly creative and resilient in order to hold onto their home. As they fight to stay put, a Ryerson study, which focused on a similar area around Toronto and Lake Ontario, forecast a potential deficit of around 70,000 houses with backyards as millennials’ demand for family-friendly properties over the next decade. The opportunities start with wrapping your head around the culture shifts. This one is worth paying attention too.