{"id":2264,"date":"2016-06-08T11:55:29","date_gmt":"2016-06-08T18:55:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2264"},"modified":"2016-06-07T11:59:28","modified_gmt":"2016-06-07T18:59:28","slug":"canadas-baby-boomers-could-inherit-750b-in-the-next-decade","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/canadas-baby-boomers-could-inherit-750b-in-the-next-decade\/","title":{"rendered":"Canada’s Baby Boomers Could Inherit $750B in the Next Decade"},"content":{"rendered":"

Baby boomers are about to become richer, an estimated $750 billion richer.<\/p>\n

That\u2019s about how much Benjamin Tal, CIBC\u2019s deputy chief economist, says Canadians aged 50-75 stand to inherit from recently departed relatives in the next decade. The hefty windfall has possible implications for the country\u2019s housing market, he suggests.<\/p>\n

\u201cThis significant wealth transfer could impact important economic variables such as wealth distribution, savings, labour market participation, startup activity, and real estate markets,\u201d writes Tal, in a report \u201cThe Looming Bequest Boom \u2014 What Should We Expect?\u201d<\/p>\n

CIBC\u2019s projection is based on responses to an April online survey of Canadians aged 50-75 who have already received an inheritance \u2014 about half that age group has \u2014 though Tal admits \u201cguesstimating the amount of that wave of potential inheritance is tricky.\u201d<\/p>\n

For the housing market in particular, Tal highlights several potential impacts of the bequest boom, but he says the effect \u201cwill be gradual.\u201d<\/p>\n

\u201cIn large cities such as Toronto and Vancouver it might modestly ease the shortage of supply of low-rise units,\u201d suggests Tal.<\/p>\n

In an interview on Monday with BNN, the economist clarifies this point. \u201cOne of the reasons [for the shortage] is that most of those low-rises are being occupied by those people who are relatively older,\u201d he tells the news network.<\/p>\n

\u201cIn absolute terms, more Canadians over the age of 75 will pass away in the coming decade,\u201d he writes in the report.<\/p>\n

Tal says that with Canadian home prices rising \u2014 the average home price last month was $508,097, having increased 13.1 per cent from a year ago \u2014 that \u201cit\u2019s reasonable to expect\u201d those receiving inheritances in the coming decade will share the wealth with other family members.<\/p>\n

In fact, some 65% of Canadian Millennials polled for a recent BMO report expect to draw on family funds to help cover up to 10% of the purchase price of their home when they buy.<\/p>\n

\u201cThat [trickle down] might have a positive impact on homeownership rates among younger Canadians, and would probably increase overall spending on home renovations,\u201d adds Tal.<\/p>\n

Canada’s Baby Boomers Could Inherit $750B in the Next Decade. This is What it Means for the Housing Market<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Baby boomers are about to become richer, an estimated $750 billion richer. That\u2019s about how much Benjamin Tal, CIBC\u2019s deputy chief economist, says Canadians aged 50-75 stand to inherit from … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2264","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nCanada's Baby Boomers Could Inherit $750B in the Next Decade • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/canadas-baby-boomers-could-inherit-750b-in-the-next-decade\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada's Baby Boomers Could Inherit $750B in the Next Decade • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Baby boomers are about to become richer, an estimated $750 billion richer. 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