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As Accredited Senior Agents, we have the daily experience of working with many Mature and Senior clients. That demographic is changing as is their effect on housing. A recent Globe article stated that the oldest of the baby boom generation just entered retirement age this year, but by 2036, seniors will represent about one quarter of the total population in Canada, which will mean more older households and more of those headed by single seniors: they will likely demand a different kind of residence from the two-story detached home they raised families in.


CMHC reported that the starts for condo buildings in major urban centres were up 33% in 2010 and prior to that, 29% in 2009. “Aging households will support continued growth in condominium markets” they added. As well though, we can also expect to see growing demand for home adaptations from Seniors who may want to stay in their current homes as long as possible…which could give yet another shot in the arm to the renovation market.  Ian Melzer, of the CMHC’s Housing Needs Policy group also stated: Typically, young seniors are not living in accessible bungalows, so there will be renovations … installation of ramps or elevators, widening of the front door, bathroom doors. You might get replacement of bathtubs,” he explained. 


For those who are definitely looking for a change fron their exising home, we have also seen explosive growth in Mature Lifestyle companies (such as Amica) who offer various levels of assisted living for all age ranges of seniors, with the ability to purchase their unit like a regular condominium, rather than the monthly rental arrangement which had been more traditional in the past. These developments have given younger more active seniors a viable option for a move from their family home.


While Canada’s birth rate remains below its replacement rate, the population is increasing faster than at any time since the early 1990s thanks to immigration. Last year, new arrivals swelled to 271,000, the highest in four decades, accounting for two thirds of population growth.  Most continue to move to Canada’s three biggest cities – Toronto, Montreal and Vancouver.


These factors combined will result in Canada’s housing market continuing to grow, but likely at a slower pace than the recent boom years.

There is a common misconception that the best time for anyone to sell their home in Toronto is in the spring.  We’ve put together the following information, to show you how you can maximize your sale price by acting sooner, rather than later.

One of our trusted mortgage brokers, Peter Majthenyi of Mortgage Architects, sent us a little update on his views on interest rate trends and the outlook for next year. It’s a great current reminder for those who are still sitting on the fence waiting for a real estate market correction….stop! And get out there and buy something.


Peter says: By now you may have heard the two big December announcements. The Bank of Canada has down-graded our 2012 economic growth & the Central Banks have agreed to reduce the cost of lending each other money; so what does that mean for us homeowners (and future buyers)? Low mortgage rates well into 2013 … that’s what I’m talking about! Now I feel we would be best served by taking a “convertible” mortgage like a 1 year (2.86%)or 5 year variable (2.80%) because bigger mortgage rate discounts may be on the horizion and we do not want to get stuck with a mortgage we do not want if rates drop? We’ll teach you more when you have the time to connect with us … Anytime, Peter & Team.


You can visit Peter’s site for current rates and contact info at http://www.mymortgageplanner.ca/ and although the month of December is generally light on inventory of available properties, it’s a good time to start doing your homework and get yourself set for an active search in the New Year

We are often approached by clients who purchased a pre-construction condo unit in previous years, are nearing building completion date and are now anxious to sell their unit(s). But buying from plans doesn’t automatically equal a windwall 3-5 years down the road.


The Globe and Mail had a great article about the risks of buying pre-construction. Hats off to our own Brian Persaud of Keller Williams Advantage Realty, whose book “Investing in Condominiums” is featured here.

Globe & Mail Article

If you’re considering such an investment, make sure you speak to a real estate professional who is an expert in your market. And do it BEFORE you visit a builder, so that they can advise you on the pros and cons of the neighbourhood, Builder reputation, whether or not the prices are reasonable and if you can actually expect to benefit in the long run. A good agent will also walk you through the contracts in detail and give you a clearer picture of what you can expect while you wait for the building to be built. Do this before you start the process, in addition to taking your contract to a lawyer after you sign on the dotted line.