May 4th - 2004

RE/MAX First Wave report findings

While not all boomers will be extra wealthy in retirement, the affluent boomers will drive the market says RE/MAX.

While not all boomers will be extra wealthy in retirement, the affluent boomers will drive the market says RE/MAX. Some of the factors that set baby boomers apart from their predecessors according to Pamela Alexander, CEO, RE/MAX Ontario-Atlantic Canada are: “Today’s boomers are living longer and are more active than previous generations. They’re planning for their golden years, but don’t intend to go quietly. Many of them have accumulated significant wealth – and inheritance has played a role to an extent. Some are setting their sights on early retirement – while others are working longer.”

Alexander also predicted in the report, “Baby boomers are going to blow the roof off retirement living. The sedentary lifestyle, retirement homes, the desire to move all worldly possessions to small rural communities – the time has come and gone for these concepts. The new retirement will encompass today’s active lifestyles, with all future movement driven by preference, not by lifecycle events.”

Highlights of the RE/MAX First Wave Report:

  • Luxury condominiums, golf and adult lifestyle communities, secondary  residences, and smaller homes in better areas are attracting this powerful age group.
  • Aging baby boomers are moving into major centres to be close to family, friends, cultural activities and health care services.
  • Not surprisingly, bells and whistles are extremely popular with this segment of the market - a trend most evident in the renovation and  restoration boom currently underway.
  • Warmer communities are luring aging baby boomers with milder climates - Victoria, Kelowna, Niagara, and Halifax.
  • Investment in U.S. real estate (ie. condominiums in Florida, Arizona, and California) has lost some of its appeal due to the high cost of  health insurance and the rate of exchange.

 To view the RE/MAX First Wave Report please visit:

http://www.remax-oa.com/MarketReports_PDF/2004/REMAXFirstWave_RPT.pdf

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Cellphones, Internet top list of REALTOR “must have” technology Preparing for the growing 'boomer market'

For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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