Baby boomers in Alberta would prefer to stay in their homes and renovate instead of buying a new house, says the Royal LePage Boomer Trends Survey.
The report, released on Wednesday, said 58 per cent of this demographic would prefer to improve their current home than move while 19 per cent of boomers in the province plan to buy a new home in the next five years.
The report also said:
- As their children leave home and retirement approaches, Albertans are willing to downsize. Forty-four per cent of respondents said they plan to move into a smaller home in their golden years.
- 31 per cent said they would consider downsizing when their children leave home, which is tied with Ontario for the highest rate in the country.
- 50 per cent of Albertans, with children living at home, expect their children to move out for good by the time they turn 25 years old.
- 45 per cent of those Albertans looking to downsize would consider a condominium for their next purchase.
- Albertans overwhelmingly believe that home ownership is a good investment (94 per cent), which explains why 80 per cent of boomers in the province own their residence.
- 50 per cent stated that they would give money to their children to subsidize a down payment, which is tied with Saskatchewan and Manitoba as the highest rate of all regions surveyed.
- Of those boomers who are willing to help with a down payment, 74 per cent said they would give less than 25 per cent of the total value of the house.
“Boomers in Alberta vary between those who are quite affluent and those who are still working as a means of supporting themselves. Many of them are staying in their jobs longer than we previously expected,” said John Hripko, agent, Royal LePage Benchmark.
“Boomers with a financial surplus are choosing to stay in their larger homes for longer, but they’re also increasingly deciding to help their children put a down payment on their first homes.”
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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