The question everyone following the baby boomers is, will they stay put in their houses or move? In cities like Toronto with hot real estate markets, I don’t think there is any question, they are going to cash out of their houses, which are really their retirement plans. John Michael McGrath reads an article on housing in the Wall Street Journal and tweets:
Keep waiting for boomers to downsize. I suspect many will choose to die in their current homes.
Jim is, I think, getting his demographics wrong. The oldest baby boomers in Canada just turned 65 and are just beginning to retire in significant numbers. Statistically they are not dying anytime soon. Their parents, now in their 80s and 90s, have left it too long but I do not think the boomers will. They know where their money is and they need it.
According to CMHC,
As a consequence of population aging and the increased tendency to live alone, one-person households are expected to show the fastest pace of growth to 2036, making it the single biggest type of household by the 2020s.
The baby boomers are not their parents. They’ll move.