Boomers Expected To Flood The Real Estate Market

Thirty-two million boomers in Canada are considering a home purchase within the next five years, says a survey by Statistics Canada. With 40 per cent of boomers holding half of net worth in real estate, 17 per cent currently owning more than one property, and 64 per cent mortgage free, they are expected to continue pushing their way through the market. "The boomer generation appears to have no intention of slowing down," says Phil Soper, president and CEO at Royal LePage.  "Fully vaccinated and turning a cold shoulder to retirement, the typical member of this huge demographic is enjoying an empty nest and believes real estate is a good investment. Millions of boomers are expected to wade into the market over the next five years." However, 52 per cent of boomers would prefer to renovate their current property over moving.