Aging Albertans on the hunt for homes over next five years

Alberta's boomers are buying.

That's the assessment of a recent survey by Royal Lepage that noted this age group of Canadians born between 1946 and 1964, renowned as the baby boom generation, plan to purchase real estate in the next five years.

While more than 1-in-3 across Canada are considering purchasing a property during this span, Alberta's silver-haired demographic are the most bullish on buying real estate, the study found, with 4-in10 planning on doing so.

That doesn't come as a shock to Calgary realtor Jill Stewart.

“There's more wealth and less debt in Alberta,” says the agent with Royal Lepage. Despite much being made about the oil bust and its economic impact, “the truth of the matter is more people own homes in Alberta by almost 10 per cent over the national average.”

In fact, during the downturn in energy that slammed the province over the last year, she found boomers were “quietly” picking up properties, be it downsizing, acquiring vacation homes or investment rentals.

With respect to downsizing, many may be looking for a more age-friendly footprint, and bungalows have now become the hot commodity in the housing market.

“Those are the hottest things because boomers know they don't want to deal with stairs in five to 15 years down the road,” Stewart says about Calgary's market. “The No. 1 product is a walkout bungalow in a neighbourhood that has recreational features like a lake or a golf course.”

Boomer buyers are whistling a similar tune in Edmonton, says realtor Ed Lastiwka with Royal Lepage Noralta Real Estate.

“Rather than go to a condo, they are looking at a half-duplex,” he says. But these aren't their parents' side-by-sides.

“These are really deluxe new builds with 1,800 square feet on one floor along with a homeowners' association that takes care of landscaping maintenance for a more worry-free lifestyle.”

In turn, many buyers are shocked to find they need to pay up to downsize. Lastiwka says some boomers are selling their two-storey homes for $650,000, only to find these high-end duplexes and bungalows that offer everything they need to age in place start at $750,000.

Demand for these housing types among boomers will only grow as individuals 65 and older will make up about one in five Albertans by 2030, according to provincial data.