Posted 4.16.13 @ 12:40
In a strange twist, more and more Baby Boomers are looking at smaller homes instead of condos – with so many moving within the next five years, does this mean the condo market will get a whole lot cheaper? Only time will tell, but if you’re a Boomer you might want to consider a condo when hunting for Oakville luxury real estate.
Garages, Yards, Plenty of Room
According to a recent study, Boomers in general don’t want to leave their garages, yards and space behind them when they move out of the family home. 40% according to a recent study said they were going to move into a similar sized home within the next 5 years, another 20% are aiming to move into a home even larger than the one they currently own.
Half of Boomers want to downsize, but many just don’t want to be stuck high up in a tower with little to do – and why should they? Less than a quarter are going to look for an apartment or a condo, more people are looking at homes outside of Toronto, like Oakville luxury real estate.
Why Not Condos?
There’s nothing intrinsically wrong with a condo, but people just want more than what most of them can provide – especially when it comes to living in Downtown Toronto. When you look at Oakville luxury condos you get that hometown feel paired with the luxury you’ve come to expect. You’ll be able to find many with big terraces and plenty of light, high up with beautiful views of the lake or down low with easy access to whatever you’re looking for.
Competition for Good Homes
Could this lead to a bottoming out in the condo market? Maybe. Many polled between the ages of 25 and 40 don’t want to live in the city centre of Toronto either; many experts are projecting a huge push out into the suburbs (including Oakville) over the next 5 to 10 years.
Over 75% of Gen Y and Millennials are planning on moving outside the city when they start having families, which is great for home sellers – but beating the rush may be an important factor when trying to find a home.
Oakville real estate has a lot to offer, and if you’re a Baby Boomer considering the switch to a new home, you should let us help you! Here at the Goodale Miller Team we’ve been working in the Oakville real estate market for years. We’ll help you find out what you need, what homes will fit you best and always look out for your interests.
If you’d like to learn more about what Oakville has to offer you, give us a call. Why look at house after house (or condo after condo) that’s all wrong for you when you can find the one that’s right for you fast. Call today and see the difference that the Goodale Miller team can make for your next home purchase.