Baby boomers are downsizing their homes

Baby boomers are downsizing their homes

There is no doubt in my mind that the baby boomer generation is starting to make a move toward downsizing their homes.  Every second person I meet at open houses or at the Royal Lepage kiosk say that they are thinking about downsizing.

Of course, anything the baby boom generation does have a huge impact on trends in everything.  It stands to reason that once the majority of that generation make the decision to downsize the real estate market will be affected in a huge way!  Potentially there could be a glut of family homes available for sale with a high demand for smaller homes, such as patio homes and small ranchers.

But does housing in Nanaimo offer what baby boomers are looking for today?

To help answer that question, let’s consider some of the items that baby boomers will be looking for in housing over the next several years:

1.  Affordable pricing. 

Baby boomers today are carrying a much higher debt level than their parents did, thanks to credit cards and student loans, meaning they’ll likely have less cash and be much more sensitive to the price they have to pay for a home.

2. Downsizing. 

It used to be that the pre-baby boom generation made their final house their last hurrah, so to speak.  Large homes and spacious yards were must haves.  Today’s baby boom buyer will likely be looking for a smaller home than the one they’re in now, with amenities near by so that they don’t have to drive.

I believe that prices of homes in Nanaimo are low enough to appeal to baby boomers looking for an affordable place to retire.  As for availability of housing options for baby boomers; suffice it to say, that if I were a developer in Nanaimo today, I would focus on building ranchers and patio homes on low maintenance lots.  From my observation that is the type of home that will be in high demand in the years to come.