December 12th - 2010

MARKET WATCH: Nine-in-ten Ontario boomers plan to downsize

For their next move, Ontario boomers are looking to downsize to smaller homes.

For their next move, Ontario boomers are looking to downsize to smaller homes. According to the TD Canada Trust Boomer Buyers Report, 86% of Ontario boomers say their next move will be to a smaller home. Half say a smaller home will help them save money and 36% will move to enjoy more luxurious features.

Three-quarters of boomers in Ontario say it is important that they pay off their mortgage before they retire, but less than half (43%) have paid off their entire mortgage. In fact, one quarter (25%) have a long way to go, having paid off less than 40% of their mortgage.

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Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246