There’s a growing trend of baby boomers and retirees in the Metro Vancouver area looking to downsize their living accommodations. Maybe the house they’re currently living just isn’t right for them anymore. Maybe it’s a little too expensive after the children have moved out.
This article in the Vancouver Sun highlights that very phenomenon: baby boomers across the region are looking to downsize without downgrading and it’s driving development trends.
Michael Geller, the developer and consultant of the Hollyburn Mews had this to say: “we (baby boomers) are very much influencing the kind of housing that not only is being built, but more importantly, what needs to be built”. According to Michael, “we (baby boomers) are very much influencing the kind of housing that not only is being built, but more importantly, what needs to be built,”
The long-time trend has been to cater residential developments and homes towards the first-time buyer. Now there is increasing pressure to get suitable housing for retirees looking for a better place to settle down.
One of the most notable changes has been the increase in floor space, explains Scott Brown, president of Fifth Avenue Marketing:
“Ten years ago, there would be one unit over 1,000 square feet [in a complex] and a lot of product between 800 and 900 square feet. Now there is a lot of new product between 1,000 and 1,200 square feet, and even up to 1,600 square feet.”
Here is a list of other emerging trends in real estate:
- Increased customizability of the living space
- Conversion projects downtown, where two condos can be joined into one
- Kitchens with more space for cooking and entertaining
For the full article in the Vancouver Sun, click here.
As the article above illustrates, today’s retiring baby boomers are changing the real estate marketplace with their purchase requirements. We at Englewood Courtyard would be pleased to showcase our baby boomer community to you; we believe we have what you are looking for! Message our sales manager Tracey L’Hoist to book a private tour of the Englewood community. You won’t be disappointed! Traceylhoist@shaw.ca