Life Changes London Ontario

I designed this page because life changes in London, Ontario, such as health, marriage, and real estate finances, force us to make decisions.

Please note I am not a lawyer, an accountant, a family consultant, or a mediator. I am a Realtor in London, Ontario, and have experienced many changes in life other than death! Yet, when seeking professional advice, do not ask for an opinion! Ask for the best or worst-case scenario, and you choose. Opinions can be biased based on that person’s perspective of right and wrong, culture, values, or monetary enrichment.

The articles and posts below are based on first-hand experience or the experiences of my clients. Every situation is different, and I hope you will find a few ideas or awakenings that will help you through health issues, divorce, managing an estate, or financial anxiety.

Is there a right time to consider moving to a smaller house, an apartment, a townhome condo, or renting? I am not trying to be glib, because as a Realtor who has worked with seniors for 20+ years, I find it pretty sad and costly when I see people who left it too long to move and now, too late!

I get it. Your house is right for you. You are comfortable, enjoy your neighbours, feel safe, and can manage. If that is the case, stay where you are. Maybe with a few renos, you could stay longer. Unfortunately, time changes and challenges may become more complex.

Younger boomers had the second-largest share of buyers at 23% and had a median income of $94,200. This generation typically purchased detached single-family homes in rural areas to be closer to family, friends, and relatives. Also, they are more likely to buy a new home to be able to choose and customize design features.

Younger boomers comprise the largest share of sellers, at 30%, and have a median income of $89,500. Secondly, 84% of the sellers were repeat sellers, and 16% were first-time sellers. Thirdly, age-generational real estate statistics show that younger boomers typically own their homes for 11 years before deciding to sell. 

Now:

• Many younger boomers choose to downsize from their larger family homes to more compact living as they enter retirement. Some want a property that requires less maintenance and is easier to manage. Others like easy access to medical facilities and social activities within the community. In any case, the demand for smaller homes—predominantly single-family, condominium, and townhouse properties—is rising due to this trend.

In the future:

• Younger boomers will remain active homebuyers and sellers as homeowners reflect on their accomplishments and plans.

Older boomer homebuyers tend to be married couples (59%) with a moderate income level of $84,900. They prefer detached single-family homes, prioritize the quality of the neighbourhood, and desire to be closer to family and friends.

Moreover, older boomer home sellers tend to be experienced, as 94% are repeat sellers. They sold their homes in a suburb or subdivision (34%) for personal reasons, such as moving closer to friends or family (27%).

Now:

• Older boomers currently feel the need to buy or sell. An increasing number prefer to downsize for reasons that include health difficulties, the death of a spouse, financial concerns, or retirement. However, some older boomers opt to live with family members, resulting in multigenerational households. 
• Multigenerational family arrangements have become more prevalent as elderly people move in with their adult children after selling their homes to get the support they require and desire. As a result of this trend, the need for larger homes that can house extended families is increasing.

In the future:

• Older boomers will continue to significantly impact the housing market. This age group, which makes up one of the largest shares of home sellers, has successfully taken advantage of market prices to sell their properties for a higher price. We can expect them to persist in buying and selling their properties, desiring to upgrade or downgrade their current living situation.

With a 4% share, the Silent Generation is one of the lowest buyer groups. The primary reason for their purchases was to live near friends and family, and 12% were in senior-related housing. Compared to other groups, they were more likely to base their neighbourhood choice on how close it was to medical facilities.

Most buyers from the Silent Generation mentioned that they might have to move because of a family member’s health. However, they still planned to stay in their homes for at least 15 years.

Now:

• The Silent Generation’s impact on the real estate market will persist, albeit not as buyers or sellers, but rather due to the homes their children inherit. If they prefer to buy, this age group moves closer to family and friends. Properties that will make their life easier while maintaining a high level of privacy are ideal for them as they age and may require extra attention.

In the future:

• As the Silent Generation ages, they will gradually transition out of homeownership, leaving chances for younger people to enter the real estate market. However, since the Silent Generation comprises experienced and repeat home sellers, it makes sense that selling their homes later affects home inventory availability and potentially drives up prices.