A new report released today by Sotheby’s International Realty Canada provides insight into the luxury home buying trends of three key generations in Canada: baby boomers, generation X and generation Y. The report further reveals the slated future impact of each generation on the high-end real estate market, and examines generational variances across Canada’s largest urban centres: Vancouver, Calgary, Toronto and Montreal.
Click here for a link to the report
Baby Boomers (1946-1965)- Luxury Real Estate Traditionalists
- Neighbourhood: Prestigious Existing Neighbourhoods
- Typical price: $2-million to $4-million
- Typical home for upsizers under the age of 60: Single family with min. 3,000 sq. ft., four bedrooms and three-car garage
- Typical home for rightsizers over the age of 60: Condo with min. 2,200 sq. ft., two bedrooms and den
Generation X (1965-1979) – Family-Driven Aspirational Buyers
- Neighbourhood: High Quality Schools, Vibrant Communities
- Typical price: $1.5-million to $2.5-million
- Typical home: Single family with 2,000-3,000 sq. ft., three-four bedrooms and two parking spaces
Generation Y (1965-1979) – Family-Driven Aspirational Buyers
- Neighbourhood: Trendy Urban Neighbourhoods with High Walkscores
- Typical price: $800,000 to $2-million
- Typical home: Condo with min. 900 sq. ft.
Here are a few News Reports About the report: