Our Changing Society

It is estimated that the number of people over the age of 65 is expected to double in Canada in the next 25 years to 10 million. This will have a major impact on the type of demand for new housing in Canadian cities, but analysts suggest that there could be many different scenarios. One such scenario is seeing the baby boomer population downsizing from their existing homes to smaller condos or apartments with elevators and no stairs and limited maintenance. In this situation, location is important and boomers will want to be located in and near highly populated areas with lots of nearby places to go. A second scenario is baby boomers sharing residences with their children and being part of extended family households. In this scenario, large family sizes will demand larger homes with multiple quarters and will likely be located in the suburbs (due to more reasonable home prices). Both of these scenarios are moving away from the typical mid-sized single-family homes, which make up a bulk of the existing home market.

As the years go on, we will probably see a natural increase in demand for larger extended family homes in the suburbs and smaller condos/apartments for singles or couples in the core as more Canadians retire and their population grows. But only time will tell.