Aging Canadian Population and what that means for the housing market
Categories: Debt Consolidation , Mortgage Broker , Mortgage Refinancing , Mortgage Renewal
Canadians are living longer.
Statistics Canada's latest 2016 Census data release, will have big implications for the country's housing market suggests some economists.
Statistics Canada announced this week that the latest results mark the first time census data has down more seniors than children living in the country as those born during the post-war baby boom continue to reach retirement age.
There were 5.9 million people in Canada aged 65 and over last year, compared to 5.8 million who were no older that 14, according to the 2016 Census.
"The increase in the proportion of seniors from 2011 to 2016 was the largest observed since 1871 - a clear sign that Canada's population is aging at faster pace," reads the Statistics Canada release. One in five Canadians are aged 54 to 65 according to Statistics Canada.
Most of these baby boomers reside in detached homes and townhouses. A lot of these people may choose to retire outside the major urban areas, looking for value, looking to cash in the equity they built up in that house and maybe put some of that towards their retirement rather than another home.