RSS

Halifax Baby Boomers are Choosing to Age in Place. Is this Impacting our Real Estate Market?

As a seasoned real estate agent with years of experience in Halifax, Nova Scotia, I've been closely monitoring a fascinating trend that's been reshaping the local real estate landscape. The Baby Boomer generation, a group that has traditionally played a significant role in property transactions, is making a unique mark on the market. Contrary to conventional expectations, many Baby Boomers are opting to stay put in their family homes rather than downsizing or moving into retirement communities. Today, I want to shed light on this phenomenon and its implications for both buyers and sellers.

Canada, like many other countries, is facing a real estate market characterized by tight supply and soaring housing prices. Halifax, Nova Scotia, is no exception to this trend. However, a new dynamic has emerged, with Baby Boomers at the center of it. Born between 1946 and 1964, this generation holds a substantial share of Canadian real estate, and they are choosing to age in place.

One of the key drivers of this trend is the fact that Boomers are healthier and more active in their senior years compared to previous generations. Many of them are still working and are not yet ready to make the transition to retirement communities or nursing homes. This decision to remain in their homes is rooted in a desire for independence and control over their living situation.

The COVID-19 pandemic further accelerated this trend in Canada. Boomers witnessed the challenges and tragedies that unfolded in long-term care and retirement facilities during the pandemic. The isolation and restrictions imposed on residents in these facilities have made Boomers wary of such environments for their own future. A 2020 Royal Society of Canada report highlighted the dire state of long-term care in Canada during the early waves of the pandemic, with a much higher proportion of COVID-19 deaths occurring in nursing homes compared to other countries.

To avoid similar situations, Boomers are opting to renovate their homes or hire private help to ensure they can continue living in the communities they love for as long as possible. With the equity they have accrued in their properties, many are financially equipped to make these adjustments.

However, this aging-in-place trend is creating a supply bottleneck in the real estate market, particularly for first-time buyers and young families. Millennials are starting to form families and are struggling to find suitable housing due to the limited inventory caused by Boomers' decisions to stay in their homes.

A study by our company, Royal LePage found that a majority of Boomer homeowners prefer renovating their current properties over moving. Furthermore, 75% of Boomers own their homes, and 17 percent own more than one property, further reducing the available housing stock.

Halifax, like other Canadian cities, is experiencing an unprecedented shortage of available properties for sale. This tight market has driven up prices and increased competition among buyers.

Another contributing factor to Boomers staying in their homes is the rise in reverse mortgages. Canadians aged 55 and over can tap into their home equity while continuing to reside in their homes. HomeEquity Bank, a leading provider of reverse mortgage products in Canada, recently reported that homeowners in the country now hold over $5 billion worth of reverse mortgages, the highest amount ever recorded.

In conclusion, the decision by Baby Boomers to age in place is reshaping the real estate landscape in Halifax, Nova Scotia, and across Canada. While this choice offers Boomers a sense of independence and security, it also poses challenges for younger generations looking to enter the housing market.

As a top real estate agent, I remain committed to helping clients navigate these evolving market dynamics and find the best solutions for their unique real estate needs.

Read
Categories:   1-Halifax Central, Halifax-Dartmouth Real Estate | 10-Dartmouth Downtown to Burnsid, Halifax-Dartmouth Real Estate | 105-East Hants/Colchester West, Halifax-Dartmouth Real Estate | 108-Rural Pictou County, Northern Region Real Estate | 11-Dartmouth Woodside, Eastern P, Halifax-Dartmouth Real Estate | 14-Dartmouth Montebello, Port Wa, Halifax-Dartmouth Real Estate | 15-Forest Hills, Halifax-Dartmouth Real Estate | 16-Colby Area, Halifax-Dartmouth Real Estate | 17-Woodlawn, Portland Estates, N, Halifax-Dartmouth Real Estate | 2-Halifax South, Halifax-Dartmouth Real Estate | 20-Bedford, Halifax-Dartmouth Real Estate | 21-Kingswood, Haliburton Hills,, Halifax-Dartmouth Real Estate | 25-Sackville, Halifax-Dartmouth Real Estate | 26-Beaverbank, Upper Sackville, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfiel, Halifax-Dartmouth Real Estate | 303-Guysborough County, Highland Region Real Estate | 31-Lawrencetown, Lake Echo, Port, Halifax-Dartmouth Real Estate | 35-Halifax County East, Halifax-Dartmouth Real Estate | 4-Halifax West, Halifax-Dartmouth Real Estate | 40-Timberlea, Prospect, St. Marg, Halifax-Dartmouth Real Estate | 405-Lunenburg County, South Shore Real Estate | 5-Fairmount, Clayton Park, Rocki, Halifax-Dartmouth Real Estate | 6-Fairview, Halifax-Dartmouth Real Estate | 7-Spryfield, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell's Cove/Herring, Halifax-Dartmouth Real Estate | 9-Harrietsfield, Sambr And Halib, Halifax-Dartmouth Real Estate | Affordable Homes Halifax | agent contracts | Annapolis County, Annapolis Valley Real Estate | authentic pricing strategies | avoiding buyer fatigue | Bob Barker wisdom | buyer and seller real estate guide | Buying a home in Fall River | expired listings | Fall River | Fall River, NS | First Time Home Buyer Halifax | funny real estate insights | Halifax home selling tips | Halifax homes | Halifax housing data | Halifax housing market | Halifax market analysis | Halifax Property Prices | Halifax real estate | Halifax real estate statistics | Halifax Real Estate Update 2024 | Halifax, NS | Hants County, Annapolis Valley Real Estate | Home Buying Tips Halifax | home investment returns | housing market analysis | listing withdrawal | Luxury Homes Halifax | March 2024 Home Sales | market value honesty | Milli Vanilli in real estate | MLS listing | Nova Scotia housing market update | NSAR Stats | post-pandemic real estate | pricing homes correctly | property trends Halifax | real estate | Real Estate Investment Halifax | real estate market insights | real estate market trends 2024 | Real Estate Market Trends Halifax | real estate rockstars | Real Estate Stats | real estate trends | Sandra Pike real estate advice | seller's dilemma | selling Covid-era homes | Selling Homes in Halifax | Seniors in Halifax | setting the right price | Susan Powter real estate | The Pike Group insights | top agent Halifax | top realtor halifax | understanding property value fluctuations

More Articles

Buy High  Sell Low It Is a thing

Buy High  Sell Low It Is a thing

Discover selling Covid-purchased homes with Sandra Pike of The Pike Group. Gain insights on market adjustments and maximize investments ...

READ POST
OMG it SOLD in DAYS OVER ASKING

OMG it SOLD in DAYS OVER ASKING

Dive into the humorous take on pricing homes right. Navigate between rockstar status and market realities, blending Bob Barker's wisdom ...

READ POST
The Crucial Role of Pre-Home Inspections

The Crucial Role of Pre-Home Inspections

"Explore the significance of pre-home inspections in the Halifax real estate market. Understand how this practice ensures transparency, ...

READ POST

Copyright © 2023 Pike Group. All rights reserved. Designed by Zinda Web Agency.

"The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
MLS®, Multiple Listing Service®, REALTOR®, REALTORS®, and the associated logos are trademarks of The Canadian Real Estate Association.