Boomers Ready to Downsize

For their next move, Canadian boomers are looking to downsize to smaller homes. According to the TD Canada Trust Boomer Buyers Report, four-in-five Canadian boomers say their next move will be to a smaller home, either to save money (46 per cent) or to enjoy more luxurious features (34 per cent).

Three-quarters of boomers say it is important that they pay off their mortgage before they retire, but less than half (44 per cent) have paid off their entire mortgage. Of those boomers with a mortgage, one-third have paid off more than 60 per cent, but one-quarter have a long way to go, having paid off less than 25 per cent of their mortgage.

For their next home, the majority of boomers (61 per cent) plan to purchase a detached house. Although condos come in as second choice at 24 per cent, more than half say they are at least considering a condo because they involve less maintenance and offer better security and amenities such as a gym or pool. The top reasons that most boomers prefer houses over condos are that they prefer to have a backyard and garden and don’t want to pay condo fees.

However, some boomers say they will stay put. Forty-nine per cent will not move, either because they want to avoid the hassle of moving, because their house is already the right size for them or they like having extra rooms for guests to visit, says the report.

Nine per cent of boomers currently own a vacation property and a further 12 per cent plan to buy one for their retirement.

More than a third of boomers surveyed are considering buying a property south of the border. One-quarter say opportunities created by the depressed real estate market have sparked their interest, while another 12 per cent were already considering real estate opportunities in the United States. The most important criteria for buying a vacation property include location, price, low maintenance, and the ability to have friends/family visit.

Results for the report were collected through a custom online survey conducted by Environics Research Group.  Information provided by http://www.remonline.com/ 

May Real Estate Association of Burlington-Hamilton (RAHB) - Update

Condominium Average Sale Price Up

(Jun 3, 2011 – Hamilton, Ontario)  The May residential real estate market in Burlington saw an 8.8 per cent increase in average sale price from the same month last year, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).

While average sale price rose, there was a decrease in the number of listings and sales for the month.

“The numbers may show decreases in listings and sales to last year,” said RAHB President Ann Forbes Arndt, “but when you look at the figures for the last ten years, both are still above average for the month.  We had some strong months at the beginning of last year against which we are making comparisons, and we have to keep the bigger picture in mind.”

The numbers for May:

Residential Only                  2010                      2011                   % change               10-year average

Listings	456	451	-1.1%	425
Sales	394	366	-7.3%	358
Average Sale Price	$387,901	$422,110	+8.8%	N/A

Freehold Only

Sales	266	251	-5.6	240
Average Sale Price	$447,918	$482,752	+7.8%	N/A

Condominium Only

Sales	128	115	-10.2	112
Average Sale Price	$263,177	$289,753	+10.1	N/A

The condominium market saw the larger drop in number of sales but also the larger increase in average sale price.  “This is the same picture as we have overall for the Greater Hamilton-Burlington and outlying areas,” added Arndt.  “It is the condominium market that has seen the greatest decrease in sales but yet the highest increase in average sale price.”

Information provided by RAHB. More information about RAHB - Realtors Assocition of Hamilton-Burlington, is available at http://www.rahb.ca/