Canadian Real Estate News Headlines (June 9th 2019)
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Most boomers likely won’t downsize for another 20 years — too late for millennials
North Americans are known to move through a fairly predictable “housing life cycle.”
Phase 1 is living in tiny apartments next to the downtown core during university and the first years of one’s career. Phase 2 usually kicks in when people start having kids, which prompts them to leave behind condos and roommates in favour of a home with a backyard. Then, typically around the beginning of retirement, comes Phase 3: downsizing.
Older millennials — those born in the 1980s — are now having children and entering Phase 2. Canadian women are having their first baby at 30, on average, around six years later than the typical age at first birth in the 1950s and ’60s, according to Statistics Canada. But that shift forward is much smaller compared to the delay with which boomers may hit Phase 3 of the homeownership cycle.
Forget moving to a smaller home at 65. Boomers, many of whom are now hitting their 60s, aren’t expected to start downsizing in a meaningful way until at least 2040 or later, when many will be in their 80s, according to a 2018 Ryerson University study of the Greater Toronto and Hamilton Area (GTHA) funded by the Ontario Real Estate Association.
Downtown Hamilton vacancy rates 'healthy,' jobs increasing: city report
Hamilton's downtown office vacancy rate declined one per cent last year, while storefront vacancy stayed relatively stable, according to a new city survey. Meanwhile, the city found a 1.2 per cent increase in downtown jobs last year.
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