Who’s buying luxury homes? It may not be who you think
A new report looks into who is buying the luxury homes in Canada’s big cities and reveals some interesting insights. Sotheby’s International Realty Canada found that baby boomers, often expected to downsize in retirement, are frequently buying bigger, high-end homes. These wealthier boomers have worked hard, saved and built up equity in their existing homes and are often mortgage free. The boomers are most likely to be doing so in traditional neighbourhoods. The next age group down, Generation X, want to live in family homes close to the best schools; while Generation Y, the millennials, are seeking the cool, urban neighbourhoods with good “walkability”. While these are the findings from responses to the survey, there will of course be wide differences across Canada and especially across demographics.