Is The Grass Greener?
Living in Oakville, most of us have long been accustomed to a certain lifestyle. Detached houses. Green lawns. Big backyards. Lots of privacy. Quiet and peaceful. Parks and ravines nearby. The suburban ideal. Leave it to Beaver personified.
This kind of environment is why many of us chose Oakville rather than the city or other, more congested suburbs. A perfect place to raise our kids.
But if you follow demographic trends, even a little bit, you will be aware that there is a huge population bulge – baby boomers entering their retirement years – who are getting a little restless, and maybe not quite loving this lifestyle as much as they have in the past. They’re less excited about big spaces and big lawns. They’re looking for something a little different. Maybe a little less peace and quiet, and more lifestyle activities nearby. Less driving and more walking.
At the same time, we have another big population group – the millennials – who have busier work and leisure lifestyles than their boomer parents had. Many in this group are also less interested in green lawns, large homes and the maintenance that go with them.
While it has been reported that affordability concerns have been the prime driver of the condo boom in Toronto so far, I believe the above lifestyle trends have also increasingly played a role. And while Oakville large detached home sales have been booming until recently, seemingly in defiance of the above trend, I believe we are on the cusp of a shift. In Oakville, townhouse sales close to downtown are in a mini-boom this year, with prices rising, while prices in most other segments of the real estate market are flat or declining. In Burlington, the downtown is experiencing the beginning of an intensification boom, with lots of new high-rises selling well to aging baby boomers and millennials alike.
So it seems like there is change in the air. I think the biggest shift will come from the baby boomers. We have all heard for many years that aging boomers will eventually want to downsize, but it feels like critical mass is now really starting to form, with growing numbers of boomers in their early 60s coming to the point of thinking it’s time to trade the house for a townhouse or condo.
If that sounds like you, it could be in your interest to start looking into such a move sooner rather than later. If this market shift turns out to be as strong as it appears it might be, it will put pressure on prices for quality townhouses and condos, making them less affordable over time as more people start chasing this type of property. So earlier movers may be happy in the future that they got in front of the curve.
Maybe the grass is actually greener for properties with less grass, less maintenance and more time for enjoying an active lifestyle!