The Boom. We’ve all heard about it, we’ve all talked about. Increased birth rates from the mid 1940s to 1964 occurred following World War II, which makes the Baby Boomer generation one of the largest and most well-known.
There are 9.6 million Baby Boomers in Canada. By 2031, all Baby Boomers will have reached the age of 65. As this generation plans their retirement, those in the housing industry must start to pay attention to their wants and likes.
“The Baby Boomer and Silent Generation are not at all alike. Unlike their grandparents and parents, Baby Boomers don’t necessarily want to age in place and as a result they are keeping the senior living industry busy,” said Debbie Brown, Senior Living Specialist.
Broaching the conversation with the Silent Generation to relocate to a senior living community is often difficult, however Baby Boomers are much more open to making the move, as long as it’s for something better. Studies show that almost three-quarters of baby boomers want to move into a better home than what they are currently occupying.
“Boomers don’t want to settle for less. Seventy per cent of Baby Boomers think their current home is not the best they can get. They want to be out on their own, in a more luxurious place. Instead of retiring to rocking chairs on the front porch, they are actively looking for newly constructed homes where they can continue to pursue an active lifestyle surrounded by the latest amenities,” said Brown.
Boomers who are active and independent expect more for their money. They are looking for retirement options in urban centres that have health-care and are focused on providing a lifestyle that promotes physical, mental and spiritual health.
They have lived in the suburbs and continue to own their homes, so when it comes to having the finances to fund the move to a more grand home, they’ve got that covered.
“Knowing that baby boomers want to upgrade their homes and have the money to do so means that there will certainly be a shift in the housing market as new home builders and senior living communities compete to create lifestyle and luxury homes that meet the high demands of this significant generation,” said Brown.