When buying and selling an Oakville home, you’ll often be told to be “wary of the baby boomers”. This is just silly, but most just don’t even know what a baby boomer is. This generation came after WW2, from 1945 to 1965 and they are a powerhouse in the Oakville market. There are entire communities that are just baby boomers in Oakville and you’ll find that Oakville has a lot to offer a baby boomer (or anyone of any generation too!). They’re leaving their mark on home sales, so let’s explore it a bit.
Who Are the Baby Boomers?
Baby boomers are a post war generation; after World War 2 more children were born, and continue to be born, than ever before. It started with this generation and there are over 6 million baby boomers in Canada alone! By the late 2030s they will be a quarter of the population of Canada, meaning they’re going to be snapping up homes. Boomers have a great deal of influence on the economy, with a lot of purchase power for products, services and of course real estate. Many baby boomers are leaving their bigger homes behind as their families and lifestyles change.
What Effect Do Boomers Have on the Housing Market?
Many homes in Canada (most actually that we have today) were built throughout the 70s; boomers invested in new real estate from the 70s through the 90s and created almost 300,000 units each year throughout Canada. We’re still reaping the benefits of all these homes today! It’s said that over the next 40 years (or by 2050) that boomers will drive new construction and renovations. The children of this generation, the echo boomers, will also contribute, but not in the same way as the boomer generation did to Oakville real estate construction.
What Effect will Boomers Have in the Future on the Oakville Real Estate Market?
There are many communities set up just for boomers, but as more and more of this generation begins to retire there will be a need for more and more communities, more units, more services. While boomers are buying up a lot of real estate in America’s “Sun Belt” (this is the region from California to Florida) Ontario is quite warm compared to other provinces. Many boomers will be leaving their larger homes and moving into smaller units that are more manageable and comfortable.
Right now condos are about 10-15% of the local real estate market. You’re going to see this continue to rise as people are looking for a great place to live without all the hassles of owning a home. This could lead to a boom (no pun intended!) of Oakville condos for sale value appreciation by 2030. With interest rates at the lowest they’ve been in decades, you could end up making a great profit on your home if you’re able to stay still in the same property for awhile. Your home is your greatest asset, never forget it!