Royal LePage Survey reveals 3.2 million boomers are considering buying a home within 5 years
by Laura Forester | July 2, 2021
The Royal LePage comprehensive survey of 2,000 boomers from coast-to-coast unveiled key trends within this powerful demographic. With over 9.1 million boomers in Canada, their real estate and purchasing decisions are far reaching.
“The boomer generation appears to have no intention of slowing down,” said Phil Soper, President and CEO, Royal LePage. “Fully vaccinated, and turning a cold shoulder to retirement, the typical member of this huge demographic is enjoying an empty nest and believes real estate is a good investment. Millions of boomers are expected to wade into the market over the next five years.”
Report Findings
- 35% of boomers were considering buying a home within the next five years
- 45% of boomers believe that now is a good time to sell
- 64% of boomers are mortgage free
There is no one-size-fits-all outcome as Canadian boomers age into retirement, especially when it comes to their decision about where to live.
- 57% would purchase a detached house if they were to buy
- 19% would prefer an apartment/condominium
- 52% would prefer to renovate their existing home rather than purchase another
Here’s what they said when asked about the type of property they would purchase:
- 56% would consider moving to a rural or recreational region
- 28% would consider purchasing a larger home than the one they currently reside in
- 56% would consider a similarly sized property
- 63% would consider downsizing
About the Report
Royal LePage, RPS’ sister company, completed the online survey between June 9 and June 14, 2021. According to StatsCan, boomer are defined as having been born between 1946 and 1965. The full survey report includes national and regional statistics, including city level data for Vancouver, Toronto and Montreal.