06-13-2015, 06:17 PM
Regarding the boomer market... The outer suburban neighbourhood of the GTA where I grew up had a lot of residents in their 50s-80s, and a lot of them have moved recently. There's basically three periods in their lives where it seems to be common for them to move.
Empty nesters - now they need less space, don't need to worry about schools (admittedly not as significant a concern as in the US), and might want to live somewhere closer to work, or family, or that will be more convenient for when they get old, more walkable, less yard/house maintenance. The neighbours I've had in this situation moved into relatively walkable inner suburban neighbourhoods, although not into apartments, one couple into a large townhouse, the other into a SFH. They're in their peak earning years, and were fairly wealthy even adjusting for age, still relatively healthy, so they still want and can afford a generous amount of space relative to the size of their household.
Retirement - No longer constrained to live near work, neighbours at this stage of their lives often move to places that would have been too far while they were still working. One couple moved to the US to be close to their children, another moved to a small beach town near Lake Erie where the cost of living is much lower and there is a different sense of community, less hectic, a bit more walkable. I also have relatives who moved to a ski resort town in Quebec, so again, a different type of community from the big metro area.
Very old age - Usually if the couple is >70 years old and has been living in that house for a long time, they'll be pretty attached to it and to the community, and if they had a good reason to move, they would have probably done so before the age of 70. Perhaps they would be willing to move to an apartment within the same neighbourhood, but often the neighbourhood's housing stock is homogeneous so that's not an option. Most of the residents in that neighbourhood that are in the 70-85 range have been living there for 20-60 years. It's usually only when their health really declines, especially if their spouse passes away, that they'll move to a retirement home or nursing home. Often this only happens at 85+. It's not unusual, especially for the men, to continue driving past the age of 80 out of pride, even though their driving ability is rapidly declining.
I think older people are generally looking for a more peaceful environment, in terms of crime, noise, traffic, privacy, especially those from the generation between the "Greatest Generation" and Baby Boomers. With the younger boomers, typically empty nesters that are still working, there seems to be more demand for the "big city" rather than "small town" feel, especially if it gets them closer to work. Both groups tend to want more space that young professionals, and especially in the case of the younger boomers, can afford the additional space too.
Empty nesters - now they need less space, don't need to worry about schools (admittedly not as significant a concern as in the US), and might want to live somewhere closer to work, or family, or that will be more convenient for when they get old, more walkable, less yard/house maintenance. The neighbours I've had in this situation moved into relatively walkable inner suburban neighbourhoods, although not into apartments, one couple into a large townhouse, the other into a SFH. They're in their peak earning years, and were fairly wealthy even adjusting for age, still relatively healthy, so they still want and can afford a generous amount of space relative to the size of their household.
Retirement - No longer constrained to live near work, neighbours at this stage of their lives often move to places that would have been too far while they were still working. One couple moved to the US to be close to their children, another moved to a small beach town near Lake Erie where the cost of living is much lower and there is a different sense of community, less hectic, a bit more walkable. I also have relatives who moved to a ski resort town in Quebec, so again, a different type of community from the big metro area.
Very old age - Usually if the couple is >70 years old and has been living in that house for a long time, they'll be pretty attached to it and to the community, and if they had a good reason to move, they would have probably done so before the age of 70. Perhaps they would be willing to move to an apartment within the same neighbourhood, but often the neighbourhood's housing stock is homogeneous so that's not an option. Most of the residents in that neighbourhood that are in the 70-85 range have been living there for 20-60 years. It's usually only when their health really declines, especially if their spouse passes away, that they'll move to a retirement home or nursing home. Often this only happens at 85+. It's not unusual, especially for the men, to continue driving past the age of 80 out of pride, even though their driving ability is rapidly declining.
I think older people are generally looking for a more peaceful environment, in terms of crime, noise, traffic, privacy, especially those from the generation between the "Greatest Generation" and Baby Boomers. With the younger boomers, typically empty nesters that are still working, there seems to be more demand for the "big city" rather than "small town" feel, especially if it gets them closer to work. Both groups tend to want more space that young professionals, and especially in the case of the younger boomers, can afford the additional space too.