Condos are no longer mere starter homes. Once the domain of twentysomething professionals on the first rung of the real estate ladder, baby boomers are now scooping up them up for their golden years — driving demand for luxury, turnkey developments.
A 2018 survey of 1,000 Canadian baby boomers by Royal LePage found that at least half were looking to downsize in the near future. Seventeen per cent planned to purchase a new home in the next five years and, of those, 32 per cent said they were most likely to purchase a condo.
However, that doesn’t mean moving in next door to their kids. In both the U.S. and Canada, baby boomers hold the majority of household wealth. And high-end buyers don’t want to trade spacious estates for anything less than luxurious quarters. Many are also retirees with multiple properties who only spend part of the year in town and need a low-maintenance home base.
Although some units are certainly expansive (think 4,000-plus square feet) the decades-old notion that luxury is directly proportional to square footage is beginning to change. Instead, buyers in the $1.2-million and up range, see value and prestige in built-in amenities, walkability and hotel-like service.
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