Baby boomers are the demographic that is making a major splash in the real estate market of Calgary. Baby boomers are expected to keep boosting the real estate market of Calgary over the next few years as per several studies and reports. Experts have clearly stated that by the year 2024, 1 out of 5 Canadian citizens will be above 65 years of age and hence there will be urban aging factors that need to be taken into account.
Experts have also stated that there will be higher influence on the real estate market from baby boomers not just in 2020 but even in future years. Reports have stated that 49% of Calgary citizens, who are aged 54 years or older, have taken aging as a major factor when buying their present homes. This is higher than the national average, as seen when there was polling done for Calgary, Montreal, Toronto and Vancouver markets. The national average stood at 46% according to reports. Studies have also stated that 86% of baby boomers in key metropolitan zones are planning on staying in their present homes for as long as possible and 88% of buyers also wish to live in their current neighborhoods as long as possible for them.
Major market trends worth noting
Studies have reported that figures in Calgary were slightly different than other cities in Canada. 83% of people desired aging in their homes itself while 86% wished to live in the same area in case they shifted. The difference basically rests on the home size when it comes to Calgary, according to industry experts. Older citizens in Calgary still desire living in single-family detached housing units. 73% of people in the city have this wish in comparison to 55% of citizens in this age group in Montreal and 59% in Toronto. The figure further comes down to 45% if Vancouver is taken into account.
Reports also highlight that 63% of citizens in Calgary have stated that their present homes would be too large when they age as compared to 54% throughout the country. 45% of citizens in Calgary have stated that they wish to shift to another location in order to lower costs of home maintenance. The national average for all cities stands at 47%. 45% of buyers in Calgary wish to shift to a condo unit as compared to 54% in the nation. 1/3rd have expressed their willingness to shift to a single-family detached housing unit as per surveys while 23% will consider shifting to an attached home as well. The figures can be attributed to the fact that condo living is not a big trend in Calgary as compared to the major cities of Toronto, Montreal and Vancouver.
Some other interesting facts
With regard to key attributes that will enable smoother aging of citizens, 60% of people in Calgary will prefer staying in a single-level unit in the future. A whopping 68% also expect to shift to a condominium unit and they prioritize an elevator as a key feature as well. These are major aspects that will shape the housing market in the near future. Baby boomers are also interested more in wellness and fitness activities.
As a result, the inclusion of a larger number of fitness centers across condominiums cannot be ruled out. 59-60% of baby boomers feel that this is a key necessity for their future lives. Some experts also state that studies clearly show that with home owners aging in Canada, they are not necessarily inclined towards selling their homes and then renting. Baby boomers will continue to be a major driving force in the real estate market in Calgary and steadily other major cities too, over the next few years. They will have a major impact on housing supply as well. Baby boomers will be purchasing homes consistently over the next few years as well and this has to be taken into account by real estate developers and the Government alike.