Most Ontario boomers are planning to move to smaller homes, according to the TD Canada Trust
Boomer Buyers Report. Eighty-six per cent are looking to downsize. Half said the smaller size will help them save money, while 36 per cent want to enjoy more luxurious features.
“Many boomers find that their needs and priorities have changed since they moved into their current home,” said Farhaneh Haque, regional sales manager for mobile mortgage specialists at TD Canada Trust. “If you find you have more room than you need, consider ‘right-sizing.’”
The report found these other provincial trends:
- Sixty per cent of Atlantic Canadian boomers, versus 49 per cent nationally, plan to spend retirement in their current homes. But only 41 per cent of Atlantic homeowners will be retiring mortgage-free. Further, 22 per cent still need to pay off more than half their mortgage.
- Alberta boomers are the most likely in the country to have paid off their mortgage in full with six-in-ten being mortgage-free, compared to 44 per cent nationally. Albertans are also the most likely to spend retirement at their vacation home (nine per cent versus five per cent nationally).
- Meanwhile 56 per cent of boomers in Manitoba and Saskatchewan, compared to 36 per cent across the country, would consider buying a retirement property in the U.S.
- Boomers in British Columbia are the least likely in the country to own a home and be mortgage-free, as nearly one-third of homeowners have more than 60 per cent of their mortgage left to pay off.