TORONTO, Ontario March 11, 2014 /Canada NewsWire/ - With the kids out of the nest and retirement approaching, Ontario Baby Boomers surveyed are looking to simplify their lives and save costs by downsizing their homes, shows new market research from Harmony Village.
The poll, which interviewed Ontario homeowners 50 years and older, found that 6 in 10 of those surveyed, expect to sell their existing homes and buy or rent smaller living spaces over the next five years. Top reasons for moving from their existing home are reducing maintenance work (81 per cent), lowering the cost of living (80 per cent), moving to a smaller home (62 per cent) and increasing their ability to travel more (60 per cent). Slightly more than half, 54 per cent, plan to use the surplus cash from downsizing to help finance their retirement.
"This approaching wave of downsizing will further boost the condo market, especially for facilities that are offering the upscale comforts and lifestyle communities that Boomers will be demanding," explains Jack Pong, CEO of City Core Developments, the developer behind Harmony Village. "This current survey confirms that this demographic places the highest importance on maintaining an independent lifestyle in an urban setting."
Eighty-eight per cent of the homeowners surveyed own a detached home, 6 per cent a semi-detached, 3 per cent a condo unit and 2 per cent a row or townhouse. Of the 6 in 10 homeowners looking to downsize, 78 per cent say this would be their final home. Half (47 per cent) would consider a condo or apartment unit.
Harmony Village offers a new approach to condo living, one that creates a holistic lifestyle community for residents looking to downsize their real estate needs yet enjoy all the amenities and services needed to fully enjoy life. The "age-in-place" concept provides all the services people need as they move toward retirement, including on-site home healthcare and full meal plans. The first Harmony Village is launching in Toronto on Sheppard Ave, at Warden Ave.
The online survey, conducted from Feb. 21 to Feb. 24, polled 508 randomly selected Ontario adults aged 50 and older who currently own their home, are considering purchasing or renting real estate, and who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 4.4 percentage points, 19 times out of 20. The results have been statistically weighted according to age, gender and region. Discrepancies in or between totals are due to rounding.
About Harmony Village Developments:
More than a condo residence: Harmony Village lifestyle communities are tailored to - and designed for - your time of life. A visionary, amenity-rich place, Harmony Village is where fitness and leisure, recreation, health and wellness, green living, and a modern attitude towards aging fuse seamlessly, in a progressively-minded community. For more information, visit www.harmonyvillage.ca.
About City Core Developments:
City Core Developments Inc. and City Core Management Inc. have been in the development and property management business since 1976, with millions of Square Feet of residential and commercial projects developed or under-development ranging from - Single Family Housing, Multi-Family Condominiums, Retail Plazas, Office Complexes, Industrial Parks and Seniors Communities.