Empty nest or not, the family home is the place to be, for baby boomers living in the prairie provinces.
That’s according to a Royal LePage survey, which polled Canadian baby boomer homeowners (born 1946-1964).
In Manitoba and Saskatchewan, which were combined in the survey, the majority of people polled said they would prefer to remain in their current homes and renovate rather than move or downsize. At 67 per cent, prairie homeowners wanting to stay put was the highest rate in the country.
“Boomers are opting to stay in the homes they raised their children in,” said Mike Duggleby, broker and managing partner with Royal LePage Regina Realty.
“When they decide to leave, it’s mostly due to challenging health conditions or being unable to physically maintain their homes.”
“They are also inclined to help their children with down payment funds, usually five per cent of the cost of a home.”
Of the baby boomers who said they would be looking to move, 27 per cent of prairie owners said they plan on buying a new home in the next five years. That number is again the highest among Canadian provinces.
In the region, 88 per cent of boomers own their homes and 78 per cent live in detached houses, both the highest numbers of all regions surveyed.
The survey found 74 per cent of boomers in the region have paid off at least 90 per cent of their mortage and 63 per cent of boomers would give their children money for a down payment.
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