This interesting article which sheds light on the Baby Boomers real estate market, comes from David Pylyp in West Toronto. According to results of a research project examining long-term housing needs for seniors conducted by the Atlantic Seniors Housing Research Alliance (ASHRA), communities are not getting ready for the coming age wave.
The study correlates information from current seniors, but paints a very clear picture of where many Baby Boomers may find themselves in years to come without some planning.
Why is this interesting to those of us in the U.S.? Quite simply, Canada (along with many other countries) are going to experience a similar impact on their communities in relation to Baby Boomers real estate issues that we will here in the States. Honestly, some may find this information offensive. However, the stark truth is that what this study reflects is not only true in Canada, but also in the U.S., U.K. and other countries all over the globe.
Baby Boomers real estate findings:
- Seniors may opt to stay in a home they cannot afford (half of the survey respondents admitted having less than $30,000.00/year of income).
- Future housing needs are not something seniors plan well for.
- What seniors can do (related to housing) and what they want to do are not always the same thing. Yet, choices are still made closer to the ‘want to do’ end.
As to the importance of the role a real estate agent will play in the future of housing for Baby Boomers, I’ll quote David here,
“This a concern, in light of the fact that as Canadian baby boomers age, they are entering a stage in their lives when making housing decisions requires careful consideration, and the role of the Realtor will be even more important in their decision-making process. We will see the effect of population aging in terms of the location of residences, the design characteristics of new homes, and the range of financing options available to senior boomers. We will also see changes to the variety of services available enabling seniors to thrive independently and participate in their community for as long as possible …”
The article goes on to discuss the impact the real estate industry can have on how our communities respond and prepare for the influx of older citizens. And, as things stand right now with the growing number of older consumers, specifically Baby Boomers real estate. Many of the things he covers will give you some insight into what you can (and should) expect from a real estate professional experienced in assisting seniors.
If you are a real estate agent here in the U.S., you should click over to read the full article. He provides a lot of insight into this growing demographic and how it will impact your profession and the market. If you haven’t yet explored the Seniors Real Estate Specialist (SRES®) designation, click here for more information.