What do Baby Boomers want in a home? It’s likely a very different answer now than five or ten years ago, and we’re seeing firsthand from our clients, that it’s not necessarily “downsizing”, but right-sizing their living situation to suit their current and future lifestyle. Getting into the Toronto real estate market after living in your family home for 20 or 30 years may seem overwhelming, but with some strategic real estate planning, it can be a very exciting time in the next phase of your life.
Baby boomers are living longer, working longer, travelling more and want options when it comes to where they live in Toronto. Many believe the Toronto housing market is unattainable due to the skyrocketing prices, but with the right planning, you could be living the life you’ve dreamed of without emptying your pockets or going into debt once again.
Even if you’re not in the market to downsize right now, you might be within the next couple of years. If the kids are just finishing up high school and are looking at university campuses, perhaps it’s your time to start a tour of your own. Thinking about living in Downtown Toronto? Do a tour of neighbourhoods to see what you like and don’t like. Go for coffees, check out restaurants. Tour the shops, grocers and see what each unique area has to offer. Talk to a real estate broker to find out what areas are up-and-coming and projected to be taking off within the next few years.
Is a Condo Right for Baby Boomers?
If your answer is no, think again. Seriously. Many of our clients who are soon to be empty-nesters originally completely disregarded the idea of a condo. Who can go from a 3000+ square-foot home to a condo?? But once we highlighted some of the benefits, they realized this was the best option for them, and they couldn’t be happier.
Turn Key Living!
Is travelling in your future? Baby boomers lifestyle trends are turning towards spending weeks at a time enjoying newfound freedom by exploring the world? If yes, condo living is the perfect option – simply lock the door, set your alarm and travel worry-free, knowing your home is kept safe and there is no up-keep to tend to while you’re away.
Come one, come all!
Are you worried that visitors will not have a place to stay since your condo will likely be a one- bedroom plus den or two bedrooms? Many new buildings have guest suites that rival some of the best hotel rooms in the city. These are perfect for overnight guests, extended family or even friends visiting to taste the new city lifestyle you’re enjoying.
Toronto Condo Lifestyle
Condo living also offers a taste of Toronto’s vibrancy – something that homes outside of the GTA just don’t offer without a long drive into the city. Imagine being at the doorstep to the St. Lawrence Market, or walking distance to theatres and art galleries. Exploring the newest restaurants and cafes by foot with no car necessary or parking to worry about. Explore the Toronto Island on a sunny afternoon or dine alfresco at the waterfront – and be home in time to catch the sunset from your West-facing balcony.
Living in a Condo with Benefits
For baby boomers not only does location, newfound freedom and an exciting lifestyle benefit you immediately, you’re also going to be well-off in a condo for the long term. Many seniors enjoy condo-living as it’s quite easy on them as they get older. No stairs to deal with, easy parking-to-elevator access, and a manageable space footprint make a condo a viable option for many years to come. There is a level of comfort, and a nice settling feeling that comes with not having the stress of if you’ll be able to manage the space as you get older.
A Few Last Words of Advice
If you’re going to be thinking about the next step in your life and that includes a move, talk to a trusted broker who knows the pre-construction market. As experts in this field with many happy clients, we can prepare a roadmap for you that includes understanding how to use equity to purchase a pre-construction condo, customizing it to suit your needs and show you the appreciation trends for our most recommended areas of the city – all without the pressure of having to sell your home immediately. It’s easy to take the next two years to settle into the idea of your new lifestyle, and plan to enjoy the exciting city that’s soon to be at your doorstep.