A Downsize for Baby Boomers

A Downsize for Baby Boomers

Aug 17, 2018 | Local, Real Estate

While the spotlight for small homes tends to revolve around the younger generation and potential for money saving, it seems as though smaller spaces may have a new buyer in town. In a recent report by Royal LePage, it was found that the baby boomers looking to downsize could just be be the cause of a new boom in home buying.

The report found that nearly half of BC’s population of baby boomers would consider downsizing, with 17% planning to buy a new home within the next 5 years. This trend could have a two-sided advantage – with so many boomers looking to downsize, we could see a market full of larger family homes perfect for the next generation of parents.

Baby boomers are commonly accepted to be the generation that was born after World War II, meaning most of the demographic is now over 50, many with adult children. As smaller homes become more fashionable, and the nest empties, it seems this generation is ready to look at changes in the type of lifestyle they lead. A four bedroom house may feel too large for a couple with grown children, and the burgeoning condo scene may have the answer.

Whether you’re looking for a 2 bedroom condo or a 5 bedroom family home, it seems that things are about to look up for you! Make sure to follow me on Facebook and Instagram for a first look at listings, and you might just find exactly what you’re looking for!

Additional Reading

Anchored in Success

Anchored in Success

While New Year celebrations slide into the rear-view, the year ahead begins to set its course. With plenty of speculation about whether or not the housing market would endure post-pandemic conditions, things continue to look up in Okanagan real estate. As new market...

The Future is Bright

The Future is Bright

    As we near the end of the year, many are speculating about what lies ahead for the Okanagan real estate market. Despite many projections pointing to a decline, it’s important to remember how much context can affect these statements. Over the last two...

Weathering the Storm

Weathering the Storm

    Kelowna continues to thrive as the Canadian housing market cools down. Despite “short term uncertainty” in Okanagan real estate, luxury housing, waterfront lots, residential land, and new developments are clear indicators of market prosperity heading...

250-470-0377