Surge In Renovating Attributed To Baby Boomer Generation
In an ever-intensifying housing market, home renovations appear to be on the rise. And much of this trend boils down to perhaps an unlikely source: Baby boomers.
You see in the GTA, the majority of detached housing is currently owned by the baby boomer generation. And lately, instead of leaving their homes, they are choosing to stay and renovate, instead.
When you think about it, it makes sense. If an empty-nester were to downsize from a detached home to even a condo, the associated costs are not insignificant; they could still come in at well over $100,000 once things like commission, legal fees, land transfer taxes, and moving expenses are factored in.
According to the Toronto Real Estate Board, active listings for detached homes were down by close to 40% in February. And the decision to stay and renovate actually plays a big part in the shortage of detached homes for sale in the city of Toronto.
With the current climate in house prices, both children and parents of boomers are moving back home to save costs. This need to accommodate multi-generational households has ultimately been contributing to the rush in renovation activity across the Greater Toronto Area.
Renovations can be daunting, but according to stats, they are more common than ever. The right contractor will help you through the entire process, from start to finish, and ensure you get the best possible outcome and value for your home.