How are baby boomers impacting Kingston’s real estate market?

typewriterEver had to dial a rotary phone? Or do you remember how TV channels used to ‘sign off’ for the day (no matter how much tinfoil you had attached to the rabbit ears)? How about using a typewriter?

Technology has changed a lot in recent years. While these appliances all sound like antiques today, if you’re a baby boomer they were probably a part of your childhood. And while you might not need to understand how a rotary phone or typewriter works today, you need to understand the effect the ‘Silver Tsunami’ is having on our real estate market.

One in five Kingstonians today is a Baby Boomer – anyone between the ages of 56 and 74. What’s more, the 2016 census marked the first time Canada saw more seniors than children. 

With an ever-increasing number of ‘boomers’ downsizing, there are more homes hitting the market because the owners are downsizing to move into a condo, retirement residence, or long-term care home. Some folks are even choosing Kingston as a place to retire due to our moderately low cost of living as well as a strong health-care system. In October, Kingston was named by Zolo as one of the top 10 places to retire in Canada!

This downsizing trend would normally mean opportunities for younger families in suburban areas as boomers leave behind their empty nests. Instead, we’re seeing other demographic shifts making the job of downsizing more difficult for boomers.

You see, many millenials are deferring real estate purchases for financial reasons. Those who are purchasing homes are often seeking smaller, less expensive properties – putting them into direct competition with some downsizing seniors. Additionally, some seniors are having difficulty in selling because younger buyers aren’t always interested in big, suburban homes. Today’s low interest rates and a lack of supply in Kingston are helping keep sales brisk, but finding the right buyer for that 60s-era bungalow can still be a challenge. 

As the average retirement age is usually 65 or higher, there are still many years of downsizing to come – and many millenials and Generation Z buyers seeking to buy. 

Are you interested in downsizing your home or want to learn more helpful information? Reach out for a conversation with a member of our team and get your house on the market today. And check out our free guide to downsizing!

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