{"id":9174,"date":"2018-05-24T11:11:42","date_gmt":"2018-05-24T18:11:42","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9174"},"modified":"2018-05-16T15:19:37","modified_gmt":"2018-05-16T22:19:37","slug":"the-baby-boomer-is-driving-luxury-condo-prices-higher","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/the-baby-boomer-is-driving-luxury-condo-prices-higher\/","title":{"rendered":"The Baby Boomer is Driving Luxury Condo Prices Higher"},"content":{"rendered":"<p style=\"text-align: justify;\">Baby boomers should have been free from the family home 5 or 10 years ago \u2014 but they\u2019re finally free now.<\/p>\n<p style=\"text-align: justify;\">As baby boomers finally move out of their large family homes for the convenience of low-maintenance lifestyle of condos, luxury condo prices are outpacing appreciation in luxury detached homes in most markets across the country, a Royal LePage report finds.<\/p>\n<p style=\"text-align: justify;\">According to the report, luxury condo prices outpaced luxury detached homes over the first four months of 2018 in Greater Vancouver and the Greater Toronto Area, with median prices rising by seven and 10.4%, respectively.<\/p>\n<p style=\"text-align: justify;\">\u201cSomewhat unusual in historical terms, and reflecting an important demographic shift happening across North America, appreciation in the luxury condominium market is outpacing the traditional target for large value residential property investment, the detached house,\u201d said Phil Soper, President and CEO of Royal LePage in the report. \u201cBaby boomers are finally exiting their large family homes, and luxury condos, with their low maintenance lifestyles, are the favoured destination.\u201d<\/p>\n<p style=\"text-align: justify;\">While prices have surged, the number of luxury detached homes sold fell nearly 70% year-over-year in the first four months of 2018, while luxury condo sales dropped about 28.1% compared to the first four months of 2017.<\/p>\n<p style=\"text-align: justify;\">Royal LePage also noted \u201cresilience\u201d within home prices in the wake of government intervention with the Ontario Fair Housing Plan, new federal mortgage stress tests, and policies within BC\u2019s provincial budget targeting foreign and domestic buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cThe resilience of home values reflects the strong aspirations of luxury buyers to reside and work in cities that are consistently ranked among the most desirable on the planet,\u201d Soper said in the report.<\/p>\n<p style=\"text-align: justify;\">According to Soper, this move towards luxury condos represents a change from past generation\u2019s attitudes.<\/p>\n<p style=\"text-align: justify;\">\u201cPeople looked at condominiums as an entry-level form of housing, and a step down,\u201d he said. \u201cIt was something for people less well-off or earlier in their lives to purchase.\u201d<\/p>\n<p style=\"text-align: justify;\">Now, Soper said buyers are choosing luxury condos based on their own lifestyle decisions, such as baby boomers downsizing homes after their children move out of the house.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019ll move somewhere with less maintenance, more amenities,\u201d he said. \u201cMaybe more walking, less driving, that sort of thing.\u201d<\/p>\n<p style=\"text-align: justify;\">Soper noted over the past decade, baby boomers were not leaving their suburban homes when they expected to. Part of it came from the amount of storage space needed for larger possessions, but a larger factor was millennials staying at home longer than past generations.<\/p>\n<p style=\"text-align: justify;\">He attributed this to factors such as millennials pursuing more education and delaying marriage for longer periods of time. Now, as millennials have grown up and started leaving in larger numbers, older homeowners have been able to leave their homes and look into options such as luxury condos, Soper said.<\/p>\n<p style=\"text-align: justify;\">The increased demand has led to more condominium developments outside of major metropolitan areas, Soper said.<\/p>\n<p style=\"text-align: justify;\">\u201c(Baby boomers) should have been free 5 or 10 years ago, but they\u2019re finally free now,\u201d he said.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/the-great-baby-boomer-exodus-from-the-family-home-is-finally-under-way-and-its-driving-luxury-condo-prices-higher\" target=\"_blank\" rel=\"noopener\">The Baby Boomer Exodus is Finally Under Way \u2014 And It&#8217;s Driving Luxury Condo Prices Higher<\/a> by Matthew Yuyitung | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Baby boomers should have been free from the family home 5 or 10 years ago \u2014 but they\u2019re finally free now. As baby boomers finally move out of their large &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/the-baby-boomer-is-driving-luxury-condo-prices-higher\/\">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-9174","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Baby Boomer is Driving Luxury Condo Prices Higher &#8226; 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\/2018\/05\/the-baby-boomer-is-driving-luxury-condo-prices-higher\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Baby Boomer is Driving Luxury Condo Prices Higher &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Baby boomers should have been free from the family home 5 or 10 years ago \u2014 but they\u2019re finally free now. 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