The Harmony Village team has been keeping a close watch on the housing needs of Ontario’s boomer generation, and recently conducted an online survey that found 59 per cent of aging homeowners are currently looking to downsize.
The online survey polled 508 randomly-selected Ontarians aged 50 and older who currently own a home and are looking to change addresses.
The findings? Six in 10 of those surveyed plan to settle into a smaller unit in the next five years. Out of those planning to downsize, 78 per cent said it would be their final home.
As boomers enter retirement (and children leave the nest), their needs point toward a simplified lifestyle that’s free of the costs associated with large properties.
The survey reveals 81 per cent are moving to reduce maintenance work and 80 per cent also want to lower their cost of living. The other top reasons for moving include the ability to travel more (60 per cent) and to move into a smaller home (62 per cent).
Slightly more than half of those surveyed also plan to use the money saved from downsizing to help finance their retirement. Just less than half (47 per cent) are also open to living in a condo or apartment unit.
So where are these homeowners moving from, you ask? Eighty-eight per cent of those surveyed currently own a detached home, six per cent own a semi-detached unit, three per cent own a condo suite and two per cent own a row or townhouse.
City Core Developments Inc. and Fortress Real Developments are catering to the needs of these residents with Harmony Village Sheppard (above), a master-planned community in Toronto, and Harmony Village Lake Simcoe, its sister project located in Barrie.
Both communities offer a fresh and holistic approach to condo living. Residents looking to downsize can enjoy an abundance of amenities developed to enhance their lifestyle, from cooking classes to on-site home healthcare.
For more information on either development call 416 493 0123 or email firstname.lastname@example.org