Empty-nesters eager to downsize as kids leave home

[Joe Crawford]

These days, there are a lot of differences between the real estate
markets in Canada and the U.S., but there's at least one aspect that's
common to both. We're both seeing the impact of a major demographic
group reaching a new stage in their lives, as aging 'baby boomers'
become 'empty nesters' and decide its time for a change in their
current real estate situation.

The importance of the 'boomer generation' on real estate markets
across North America is expected to continue in the next few years.
Not surprising, really, when you consider the numbers. According to
Statistics Canada, the baby boomers, i.e. those born between 1946 and
1965, numbered 9.4 million at the 2001 Census. 'Boomers' represent
nearly one-third of Canada's total population, while south of the
border, there are 78 million American boomers.

As boomers enter a new phase of their lives, 'empty nesters' are on
the rise here in Canada, while sixty-six (66) percent of Coldwell
Banker (R) real estate professionals in a recent U.S.-based survey
reported an increase in home purchases from the empty nester
demographic over the last three years.
The desire to downsize is the reason cited by empty nesters as the
reason for a move, according to more than half of the brokers (52
percent) surveyed. This Coldwell Banker survey of 150 U.S. brokers
also reflects current trends reported by brokers at the forefront in
local markets here in Canada.

"Clearly the baby boomer demographic is making powerful waves across
all areas of North American culture," says Gary Hockey, president of
Canadian Operations, Coldwell Banker Real Estate, LLC. "Many empty
nesters are no longer content to remain in the same home from marriage
to retirement, and our brokers are seeing this impact in their local
markets. There's a clear spike from boomers downsizing or changing
homes once children are out of the house and we expect this trend to
grow over the next few years."
The study also found that empty nesters want to stay engaged and
active, choosing homes near places where they can pursue their
passions. Key findings from the survey include:

50% of empty nesters are looking for single-family homes, while 49%
are looking for condos or townhouses.
18% of Coldwell Banker broker respondents noted that empty nesters
move in order to be closer to their children or grandchildren.
51% of brokers surveyed said empty nesters select new homes based on
the proximity to services such as recreation, cultural activities and
golf

If you're thinking of selling your empty nest call Joe Crawford,
(519)742-5800 x 2117 or visit www.kitchener-waterloo-homes.com.

Joe Crawford
Real Estate Sales Representative
Coldwell Banker Peter Benninger Realty, Brokerage
(519)742-5800
www.kitchener-waterloo-homes.com