Demographics - Our Aging Population
Demographics play a major role in the housing market
Changes in new housing styles and size over the years have been driven by many factors. Currently the major driving force is our aging population. As our population ages the need for new nursing homes and seniors residences continue to grow, but what about the empty nesters who are not ready for that yet.
Today's young seniors are being draw to senior communities, with homes built for their active lifestyle. some are built around golf courses while others are built in areas that had traditionally been cottage country being located on or near our numerous lakes. Often these homes are bungalow in design but unlike the older smaller utilitarian style bungalows of the past they are much larger and more open concept. They are built for a generation that grew up in smaller homes, got married, had families of their own and moved into larger homes. Homes that had 4 and five bedrooms, family rooms, eat in kitchens or great rooms. Homes that had fireplaces, double or triple car garages, multiple bathrooms and much more.
Now it is time to down size, they no longer need four and five bedrooms and all the other features that came with their 2,000 plus square foot homes. Unwilling to give up many of the other features that came with that home they start looking for a newer bigger version of the home they grew up in "The Bungalow".
The bungalow is making comeback, it is the same in name only. Today's bungalows have all the features of those large family homes, but they are 2 to 3 times the size of the bungalows the past generation enjoyed. Open concept is the new norm with spacious principal rooms and light airy interiors, featuring large windows with mulitple walkouts outs to bring the outside in. Luxury appointments with hardwood throughout, gourmet kitchens and the latest in bathrooms give these new bungalows a luxury resort feel.
A Visual Demonstration of our Changing Demographics
You often read about our changing demographics and how our population is getting older but have you ever been able to visualize the change.
David Foot of Footworks Consulting has an animated pyramid that visually demonstrates how the makeup of our population has changed over the years and will continue to change in the future.
David K. Foot is a professor of economics at the University of Toronto, and co-author of the Boom, Bust and Echo books.
For those who like to see the hard numbers:
- Canadian figures you can visit Statistics Canada's Population Projections for Canada, Provinces and Territories
- United States figures visit US Census Population Projections
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Kathy Clulow Sales Representative RE/MAX All-Stars Realty Inc.. Brokerage 905.852.6143
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I'm hearing that baby boomers buying retirement homes is a huge market right now. Especially out on the lakes of Austin; hopefully one I can tap into!
Taylor - Dealing with seniors reqires a different skill set from their agents than the average buyer or seller.
Hi Kathy, I market an active adult community, Lago Vista in Lockport. There are both single family and townhomes, all ranch style with basements optional. There is a 21,000 square foot clubhouse with an indoor and outdoor pool and loads of activities. All the residents love the community and the lifestyle!
Linda Metallo, Re/max Impact, Lockport, Illinois (Chicago)
Hi Kathy..mmm, it looks like I'll be around until at least 85 according to the animated Graph, also looks like there lots of Ladies theer to nurse me :O))
Cheers
Linda - Is it life lease or owned ... tells us a little about it post a brocheure on your blog ... PS a belated welcome to active rain.
Fred - We do tend to outlive the male species don't we
Kathy,
Excellent post. This trend is quite evident in many market areas.
The bungalows are not that much less expensive than two storeys. However, they have great rooms and 2 bedrooms. The need for 5 or 6 is fine for large families, but otherwise 2,000 sf is fine for two people.
Brian
Brian - with the cost / sq. ft. higher and the demand rising they have been able to ask and recieve excellent prices for newer bungalows
Kathy, I'm thinking of downsizing myself. I meet people all the time that are in the process of doing the same. Now I read in the Star that canes are making a come back! There's no doubt about it, the boomers are still affecting our world.
janice and for some time to come