Toronto, Ontario (PRWEB) March 29, 2013
Marcus Arkan, CTO of Syndicate Mortgages and renowned housing market expert has recently announced that baby boomers will play a major part in the changing housing market scenario in Canada. Mr. Arkan said that in the light of the latest real estate trend report published by the Scotia Bank this week.
According to the report, baby boomers are not interested in selling their homes as they are now enjoying healthier and more active lives with more years of service. Due to this reason, economic experts from Scotia Banks have predicted lower housing turnovers and fewer sales in the listings.
Mr. Arkan shares similar views regarding the changing trends in senior demographic. He said, “Canada’s housing market has been greatly fueled by the senior market for the past few decades. People used to sell their houses to finance their retirement. Things are drastically changing. Most of the baby boomers are enjoying healthier lifestyles and are able to work even after their retirement ages.”
Mr. Arkan further emphasized the importance of understanding the changing demands of senior home buyers as well. Highlighting some of the common features sought by over 55 homebuyers, Mr. Arkan added that seniors are mainly looking for ‘a sense of comfort and community’. This is one of the reasons older demographics’ preference is shifting from single family homes to condominiums in major centers.
Facts and figures from the Scotia bank’s real estate trend report indicate that over 70 percent of the Canadians over the age of 75 are home owners. This is almost the same as the home ownership ratio in population aged 35 to 44, the demographic that previously had the highest home ownership ratio. As for moving, the report shows that only 20 percent of senior Canadians are likely to move in the period of five years.
In this aspect, Metro News also published an article that clearly states that the demographically induced sell-off will not be fueled by the aging population in the future. “While we can predict that seniors are not likely to sell their homes in the future, it is still not clear whether they will be a part of the home buying demographic or not. Of course, the mortgage rates are low and baby boomers are still earning well,” Mr. Arkan concluded.
You can learn more about Canada housing market and changing trends on: http://www.syndicatemortgages.com.
You can view Scotia Banks report at: http://www.gbm.scotiabank.com/English/bns_econ/retrends.pdf
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062