Canadian baby boomers who have plans to sell their current homes are likely to target condominiums more than any other housing type, according to the latest study by Mustel Group and Sotheby's International Realty Canada.
While around four in five baby boomers say they would like to live in their current home for as long as possible, roughly a third plan to sell and move to a new primary residence within their lifetime.
More than half of those with plans to reinvest in the real estate market would like to live in a condo, compared to the 29% who would like to buy a single-family home and the 18% who prefer an attached duplex or triplex unit.
The study said Montreal boomers are the most likely to buy a condo as a replacement for their current primary home.
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The study predicts that the share of Canadians over the age of 65 will rise to 20% of the population by 2024.
"This monumental shift in demographics is introducing new needs and demands relating to urban aging into Canada's largest metropolitan real estate markets," said Don Kottick, president and CEO of Sotheby's International Realty Canada.
Kottick said the findings of the study goes to show how the needs of the ageing population are changing.
"Our research reinforces the fact that this generation will continue to be a dominating influence in our country's key markets, and that government, the real estate industry, and individual homeowners will need to contend with increasing pressure to make homes, neighbourhoods and cities age-friendly for current and future generations of older people," he said.
While older Canadians who are planning to sell their home are predominantly motivated by their desire to downsize, there are those who said selling will help them cash out and support their post-retirement costs, the study said.