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Baby Boomers Staying Put

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Baby Boomers Staying Put

One chicken-and-egg factor that’s contributing to the continual rise in housing costs in Vancouver, Toronto, and other neighbouring urban centres is that parents of 20- and 30-somethings aren’t downsizing when their kids move out. Why? Because their kids aren’t moving out – or are moving back in after giving up on trying to buy their own homes. Faced with their kids having to move to far-flung suburbs or beyond, parents are staying put instead of putting their houses back on the market. The upside for readers is that as realtor’s fees, land transfer taxes, and other costs continue to skyrocket, homeowners are more likely to improve than move.

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