The Boomers are now finding they have financial resources to make changes in their life, especially when they begin to downsize from older, larger homes that have increased in value to more affordable Downtown Condos.
Bungalows in the Toronto Real Estate District of (C12) are now selling rather quickly for $1.4 million, most for lot value only, giving older Boomers a choice of purchasing New Condos with lots of amenities and in areas were these buyers can walk and not drive to many attractions.
A few years ago many Condominiums were sold to retired purchasers with the idea of not shovelling any more snow, lock up the Condo and head South for the Winter. But now there is a possibility to live in their Condo and make several trips South or even travel to Europe with Spain and Portugal popular Winter destinations.
A recent best-selling book on how to profit from the coming demographic shift, gave four reason why Cities like Toronto, Montreal, and Vancouver will continue to see their downtowns stay healthy.
- Retirees will move from the suburbs back to the City Centres ensuring downtown stays alive.
- Young New-Canadians will also settle in the downtown areas.
- Older Boomers will sell their large home and trade in for downtown Condos.
- Younger buyers who have good jobs, with money no object, will buy downtown and fix up older homes.
Millions of Canadian Boomers are about to reshape downtown Real Estate in three of our largest Cities.
