Who Will Buy Your Home This Year

The year 2011 was the year that the first wave of baby boomers started to retire. In recent surveys, many boomers plan on selling their homes in urban areas, with a view to buying in smaller towns. Their main interest is in downsizing to a condo or smaller home in outlying areas of Toronto.

The first thing they'll need to do is sell their current home, and for those in big cities it's not likely to be that difficult, as the government continues to approve immigration from a number of different countries. These immigrants are expected to be buying in the Toronto and surrounding GTA, (also Montreal and Vancouver) and this will free up the baby boomers to move out of town.

Although a downturn in prices is expected, it's likely to affect Toronto and the GTA more so than it will affect the smaller northern towns. Predictions range from 10%-25% with smaller towns most likely seeing a possible 10% downturn. Areas which are well suited for active seniors may see less than 10%.

For those considering selling their home, now is one of the best times to get it on the market. 2012 will likely be a big year for boomers to be moving, and the Georgian Bay areas will likely see a large increase in senior population. Any "Four Season" area will become a boomer area, due to year round activities being available for them. It also means that grandchildren will be more inclined to visit an area where there is plenty for them to do. Having access to a hospital and good medical care will also play a role in what destination they choose to move to. The Georgian Bay area is ideal as a retirement area.

This will also fuel a market for companies and individuals that do renovations, as it's expected that as the boomers age they'll need their homes renovated in order to accommodate their new limitations. This will help provide jobs in small towns and it's also expected to allow for new businesses that will accommodate the needs of an aging population.

In conclusion, expect to see boomers looking to buy homes in your area, and for the most part, this generation of new buyers will have no problems getting mortgage approval compared to the X generation who is just starting to look at home purchases. This migration of boomers could well have an effect of no downturn in prices in Four Season towns.