Seniors are the fastest-growing group across the world, and their buying power is being felt in more and more industries, where they are increasingly becoming a powerful buying force.
According to a new report, seniors will also, within a few years, be the driving force behind real estate, as well.
As reported in the Financial Post, the Conference Board of Canada says that by 2030, as much as 80% of housing across Canada will be driven by seniors, who are increasingly looking for homes which are lower-maintenance, including condos, townhouses, and assisted living communities.
“Baby boomers are the largest demographic cohort in our population and as such have been the main drivers of household formation for the past 40 years,” the study said.
Pedro Antunes, an analyst at the Conference Board, said one of the impacts of the aging population might potentially be falling prices for single-family homes which Baby Boomers, as they age, will be less interested in living in.
“It’s going to be a smaller cohort [that wants single family houses] but with a housing stock that large you would probably expect an easing in price for those types of homes,” he told the media outlet.