Calgary’s baby boomer/older adult homeowners are likely to have considered their future needs with aging when purchasing their current home as a survey shows 49 per cent indicated that these considerations influenced their home purchase.

According to the Mustel Group and Sotheby’s International Realty Canada’s  “2020 Generational Real Estate Trends Report: Aging in Place”, which was released on Wednesday, safety was the leading neighbourhood feature prioritized to specifically support their needs in aging with 46 per cent reporting it as a top priority.

“Car friendliness emerged as a unique priority for Calgary, with 36 per cent reporting it as a key consideration. 31 per cent indicated that proximity to a grocery store was a key, aging-related factor in their home purchase. Home features prioritized to support future needs with aging include having a full bathroom and bedroom on the main level, reported by 42 per cent and 37 per cent respectively,” said the report.

“Meanwhile, those who own a condominium reported that having an elevator (66 per cent), communal outdoor spaces (50 per cent) and indoor fitness and wellness facilities (35 per cent) were key aging-related considerations for their current primary residence.”

The report also found:

  • 53 per cent strongly agree that they want to live in their current home for as long as they can, while an additional 30 per cent “somewhat agree”; 
  • 54 per cent agree strongly with wanting to live in their neighbourhood for as long as they can, while 32 per cent “somewhat agree” with this sentiment;
  • 43 per cent of Calgary’s baby boomer/older adult homeowners expect to sell and move to another primary home during their lifetime. They expect to move within the same city to a different neighbourhood, at a rate of 20 per cent, while nine per cent expect to move within their current neighbourhood. 14 per cent expect to move to a different city entirely;
  • The most common motivation for wanting to sell and move is concern about the large size of their current home as they age, reported by 63 per cent;
  • 82 per cent of those who plan to sell and move from their current home plan to purchase their replacement residence, suggesting that they will remain active and influential real estate consumers in upcoming years;
  • The leading future home feature sought after to support aging-related needs is single-level leaving, cited by 60 per cent in Calgary; and 
  • Priorities for those who expect to move to a condominium include having an elevator (68 per cent), indoor fitness or wellness facility (59 per cent), and to a lesser extent, having communal outdoor space (34 per cent).

“By 2024, it is expected that one in five Canadians will be over the age of 65. This monumental shift in demographics is introducing new needs and demands relating to urban aging into Canada’s largest metropolitan real estate markets,” said Don Kottick, President and CEO, Sotheby’s International Realty Canada, in a news release. 

“Our research reinforces the fact that this generation will continue be a dominating influence in our country’s key markets, and that government, the real estate industry and individual homeowners will need to contend with increasing pressure to make homes, neighbourhoods and cities age-friendly for current and future generations of older people.”