Changing the boomer’s concept of home
Prior to the COVID-19 pandemic, many boomers were on the move.
The pandemic has changed everything for many boomers. For some it has motivated them to move faster, but for many it signaled a time to wait on the sidelines. This pandemic has changed their thinking about their retirement years and their concept of home.
Prior to the world-sweeping COVID-19 pandemic, many boomers were on the move. They felt young and vital and looked forward to enjoying their golden years by downsizing in order to simplify their life. Many had money in investments or in their bank. Many were planning to sell their family home and cash out to seek a life of freedom and travel now that they were empty nesters. Kids were grown and independent and the costs to upkeep the house were no longer practical.
Downsizing would give them freedom. It was their time. Many took for granted winters in Florida, Arizona, Mexico, or somewhere warm. Cruises and international travel were high up on their bucket list. Travelling to be with kids and grandkids wherever they lived, was also a top priority.
Many boomers were seeking a 1,400 square foot (or larger) condominium in the city or in the suburbs, or else a smaller home or townhome. Condo living was often the answer due to such appealing amenities as indoor pools, gyms, party rooms with the security of a 24/7 concierge. Strolling to their favourite restaurants, boutiques or going to a movie spontaneously were part of the plan with the added bonus of leaving the car at home.
But plans got shoved aside by the realities of life. COVID-19 shifted their mindset and many are presently sitting on the sidelines. Suddenly Boomers 55-75 years of age who felt youthful and vibrant are feeling vulnerable and fearful because their health is threatened by an outside source and one that is global. Boomers are focussed on staying healthy.
Who could have predicted that a pandemic would make boomers feel old and cranky overnight whereas a year ago they were ready to fly off to Timbuktu without a thought?
I am part of this cohort. I understand how this pandemic has changed boomers’ concept of home and hearth due to this COVID-19 fear. Home is everything. It’s where the heart is and where boomers feel safe. Like my contemporaries, plans to downsize and travel are on hold. Much time is spent at home in our home offices plugged into Zoom learning. Netflix and Amazon Prime now are our main sources of entertainment.
COVID-19 has underscored the importance of several new trends: the importance of home offices, gyms, flexible floor plans and modular furniture, pull-out beds, play areas for grandkids, outdoor spaces and garden pools. In condos, boomers seek balconies, or townhomes with elevators and small gardens. Other trends include garage conversions to home offices, laneway houses, garden or nanny suites for multi-generational living or home retrofitting to allow “aging in place”.
However not all boomers have pressed the snooze button. Some move due to loss of a spouse, separation or divorce, financial necessity, and yes, some are COVID-19 reaction moves. This past year, two boomer couples I worked with are moving because of the need for a condo balcony or wish to buy a condo of their dreams and rent it out until this pandemic is over.
Another trend is the migration of boomers choosing to move away from city homes and condos to communities all over Southern Ontario and beyond where a single-family home can cost about $600,000 instead of almost triple that in Toronto or the GTA. Others are fleeing to cottage country where prices have gone up 15 to 22 per cent compared to one year ago.
What does the future look like for downsizing boomers? According to economic pundits, the vaccine is the endgame. With that, urban life will resume and so will boomer confidence. There will be a return of immigration and foreign students, interest rates are at an all-time low, Canada is politically stable and there is healthcare for all. There will be a return to commercial offices in cities. The fog should lift but slowly. It will be a gradual return to normal, but it will not be an instant process with experts predicting a two-year phasing in.
What does this mean for boomers? I am convinced and so are my peers in real estate, that postvaccine, boomers and seniors will be on the move again, and downsizing their home to live the life that they seek will be back on their agenda.