Downsizing boomers moving to smaller homes and condos

boomersAccording to the TD Canada Trust Boomer Buyer Report, 86% of Ontario baby boomers say their next move will be to a smaller home. Although these homes will be smaller, 36% say they are looking for their next home to be more luxurious. While 24% say they are at least considering a condo because they involve less maintenance and offer better security and amenities such as a pool and a gym, the top reasons that most boomers prefer houses over condos are that they prefer to have a backyard and a garden and don’t like paying condo fees.

Paying off their mortgage before they retire is very important to the majority of the boomers surveyed. However, less than half have actually paid off their entire mortgage. In fact, a quarter of those surveyed have a long way to go, having paid off less than 40% of their mortgage.

If you’re a baby boomer and are thinking about moving and want to know what your home is worth, give me a call, drop in or drop me a line. Keith Marshall, Prudential Grand Valley Realty.

I aim to take the stress and mystery out of the home selling and home buying process by giving you the information you need to plan your family’s future. I’m here to help.

– REM, and Realtor edge newsletter, December 2010

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