Born between 1946 and 1964, Boomers, who own a substantial share of Canadian real estate, are breaking that trend.
More than 20 per cent of Canada’s population will be 65 within the next five years.
Although the trend had already started, and has been well-documented in the United States, the COVID-19 pandemic has exacerbated the problem in Canada, according to Engel and Volkers in their new 2021 year end real estate report.
A 2020 Royal Society of Canada report that looked at long term care in Canada during the early waves of the pandemic, highlighted its ruinous state.
The trend was also noted in a study by Royal LePage this past summer that found a majority of Boomer homeowners — 52 per cent — would prefer to renovate their current property over moving.
In Canada, the aging-in-place trend is running smack into one of the tightest real estate market ever recorded.
Yet another factor cited in the trend for Boomers to stay in their homes has been the rise in reverse mortgages.
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