Demographic Shift: New survey shows 59 per cent of Ontario homeowners 50-plus are looking to downsize within 5 years

Today, Harmony Village released new survey data of Ontario Baby Boomers 50-plus. The survey predicts a flurry of real estate transactions within the next five years as this generation look to save costs and simplify their lives by downsizing their homes.

The poll, which interviewed Ontario homeowners 50 years and older, showed that:

• Six in 10 of those surveyed, expect to sell their existing homes and buy or rent smaller living spaces over the next five years. 
• Top reasons for moving from their existing home are reducing maintenance work (81 per cent), lowering the cost of living (80 per cent), moving to a smaller home (62 per cent) and increasing their ability to travel more (60 per cent). 
• Slightly more than half, 54 per cent, plan to use the surplus cash from downsizing to help finance their retirement. 

This approaching wave of downsizing will further boost the condo market, especially for facilities that are offering the upscale comforts and lifestyle communities that Boomers will be demanding," explains Jack Pong, CEO of City Core Developments, the developer behind Harmony Village. "This current survey confirms that this demographic places the highest importance on maintaining an independent lifestyle in an urban setting."

Harmony Village offers a new approach to condo living, one that creates a holistic lifestyle community for residents looking to downsize their real estate needs yet enjoy all the amenities and services needed to fully enjoy life.

The "age-in-place" concept provides all the services people need as they move toward retirement, including on-site home healthcare and full meal plans. The first Harmony Village is launching in Toronto on Sheppard Ave, at Warden Ave.

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