February 21, 2011
It’s Family Day today across Ontario, Saskatchewan and Alberta, and, if you’re like most Canadians, at least a few members of your family are members of that special generation: the baby boomers.
Its been well documented that as the boomers age they will strain the limits of certain facets of our society: pension plans and our health care system are two rather notable examples.
But condominium developers may soon start to capitalize on a more welcome side-effect of the demographic shift – increased demand. A recent article in the National Post cites a TD Canada Trust Boomers Buyers Report that found that 24 percent of boomers surveyed are considering making their next move to a condominium.
They largely cite the usual considerations: less maintenance, better security, and desirable amenities.
Farhaneh Haque, of TD Canada Trust, draws a connection between the proliferation of condo developments, in Toronto particularly, and increased awareness on behalf of boomers:
“We’ve seen so many condo developments, especially in Toronto, that you’re at least seeing these boomers talking about condos, where in the past they haven’t at all talked about them.”
What’s certain is that if the talk eventually leads to purchasing for even a slice of the boomer cohort it’s bound to make folks in the development industry positively gleeful.