The real estate market in the Greater Toronto Area (GTA) is witnessing an unprecedented shift. More seniors are choosing to ‘age in place’, impacting housing availability and community planning. A compelling Canada Mortgage and Housing Corp (CMHC) report indicates a notable 80% of seniors plan to stay in their homes as they age, influencing the real estate dynamics in the GTA.
Traditionally, the norm was for seniors, especially those post-retirement, to downsize their homes. However, the CMHC report shows a stark deviation from this trend. It found that only 6% of homeowners aged 55 or older moved to a smaller dwelling in 2016, compared to 20% in 2006. This 14% drop in a decade dramatically affects the availability of family-sized homes in the property market.
As seniors continue to occupy larger homes, the inventory for potential homeowners contracts, causing property prices to surge. Compared to a decade ago, house prices have amplified – a perceived effect of this phenomenological ‘aging in place’ trend.
However, this shift also unfolds new opportunities within the real estate sector. With the need for more accessible and functional homes for seniors, renovations and retrofitting boom as a growing market niche. Builders and renovators can capitalize on this demand, providing solutions tailored to the shifting needs of an aging population.
Moreover, urban planning in the GTA needs to accommodate this trend. Efficient public transit, proximity to healthcare, and easily accessible services within residential areas emerge as crucial aspects for the seniors choosing to age in place.
In conclusion, the rising trend of ‘aging in place’ has triggered an evolution in the GTA’s real estate landscape. As a progressive society, acknowledging this trend equips us to build future-forward, inclusive communities, ensuring a thriving real estate market that caters holistically to all stages of life.