Hitt says there are a couple of pandemic-related reasons for Boomers to put off moving: “First, they are wary of long-term care facilities and second, they are increasingly valuing the size of their homes during lockdowns.”Article contentthat looked at long term care in Canada during the early waves of the pandemic, highlighted its ruinous state.
Hitt says Boomers are deciding to renovate or hire private help inside their homes. “Because of equity accrued in their homes, many can hire private help to ensure they can stay in the homes they own in communities they love for as long as possible.”Article content The trend was also noted in a study by Royal LePage this past summer that found a majority of Boomer homeowners — 52 per cent — would prefer to renovate their current property over moving. The study also found 75 per cent of Boomers own their own home, and 17 per cent more than one property.
Almost two-thirds of local markets were sellers’ markets, and there were just 1.6 months of inventory on a national basis at the end of December 2021 — the lowest level ever recorded by CREA.
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