Baby Boom Coming to Retirement Effect on Housing Demand in Canada Essay

Baby Boom Coming to Retirement Effect on Housing Demand in Canada Essay

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The baby boom generation is the generation of the 1945 to 1964; there age distribution is between 49 and 69 years. Many of the baby boomers entered there retirement years and many of them are still working. This generation counts for about 27 per cent of the total population in Canada. The baby boom generation is the largest in Canada followed by the echo baby boomers- the children of baby boomers. (See chart 1 below). Chart number 2 shows that this baby boom generation that brought the housing economy demand really high in the 1970s since the boomers were in there 20s and were buying there own houses, so the 1970s with the strongest sustained period of new home construction in Canada. In 1976 the housing starts reached it is highest remarkable units in Canada with 274,000 units. The baby boomers are going to have a huge effect on the housing market in the upcoming years do to their retirement.

Now as baby boomers enter there retirement years, boomers are not buying houses any more and the younger generation is not large enough to pick up and continue the baby boomers effect on housing. Since the baby boomers grow up, there housing demand change; they probably want a smaller house with no stairs so they would not have trouble climbing up and down the stairs or a condo where they do not shovel the snow and scoop the leaves. Actually many of the baby boomers have single-detached houses but when there children grow up and leave there house they become “empty nester” and they either stay in this single-detached house or they move to a smaller size house. Census data showed that the proportion of people living in a single detached house have been decreasing after the age of 55. For example 67 per cent of the populat...

... middle of paper ... N.p., 23 July 2013. Web. 20 Mar. 2014.

5. Antunes, Pedro, and Alicia Macdonald. "Retirement Homes—The Future of Canada’s Housing Market?" The Conference Board of Canada. N.p., 01 Sept. 2011. Web. 23 Mar. 2014.

6. Baxter, David, Andrew Ramlo, and Ryan Berlin. "Charting the Future: Long-run Trends for the Canadian Housing & Mortgage Market." N.p., n.d. Web. 23 Mar. 2014.

7. Beltrame, Julian. "Aging Baby Boomers Helping Change Canada's Housing Market: CMHC." The Globe and Mail, 29 Dec. 2011. Web. 20 Mar. 2014.

8. Macdonald, Alicia. "Canadian Outlook Long-Term Economic Forecast: 2013." The Conference Board of Canada, May 2013. Web. 20 Mar. 2014.

9. Peterson, Brian, and Yi Zheng. "Medium-Term Fluctuations in Canadian House Prices." Bank of Canada, 23 Feb. 2012. Web. 25 Mar. 2014.

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