Another 25% are looking to find equal or larger homes
San Francisco, CA -- (SBWIRE) -- 03/08/2013 -- A new report from the Royal LePage has dispelled the notion that most baby boomers are seeking downsizing of their property into smaller housing.
The real estate firm has stated that the recent Leger Marketing poll took in over 1,011 Canadian boomers, and found that 59.1% plan to remain in their current housing.
The 40.1% plan to move, but half said they will be seeking out homes that are similar in size or bigger than their current residency.
"This study clearly indicates that contrary to popular belief, most boomers do not intend to downsize any time soon," said Royal LePage Real Estate CEO Phil Soper.
There are a number of reasons for that, he said. For starters, boomers are the wealthiest generation in Canadian history and many of them need lots of room for their many possessions.
"They love their garages and their yards," he said.
A further reason that they are thinking that bigger is a better move is that some still have adult children living at home. Leger Marketing polled 1,013 Generation Y Canadians, which showed that just over a third of them from the Prairie region live with their parents or friends rent-free. In Quebec and Ontario the totals were 30% and 27% respectively.
"The adult children of baby boomers aren't going anywhere fast," Soper said. "Good jobs have proven difficult for them to find, they're extending their studies and they're living at home. It's is no wonder the concept of swapping a family-sized home for a small retreat has lost its lustre."
Rick Preson of Royal LePage Dynamic Real Estate Services stated that “the boomerang factor” was part of the reason for so many living at home. The factor takes into account those who moved away from home, only to move back or forced them to live with roommates. Preson noted that younger boomers are still in their early 40s and so still have school-age children, making it less likely for general downsizing.
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