Downsizing shapes up differently for gen Xers in Alberta
The next crop of new retirees plans to do things differently than those before them, at least when it comes to real estate.
Article content
'We've got people near retirement age, looking to downsize after their kids are grown and have moved out and they're looking for less space,' says Natosha Wareham-Bakker, realtor at Royal LePage Benchmark in Cochrane, who also works in Calgary.
Article content
Article content
Article content
'But many are going into that next stage with a mortgage because housing prices are not what they were 20 years ago.'
Article content
Article content
A new survey from Royal LePage of realtors and retiring homeowners supports what the local realtor is seeing among new retirees. It shows that of those Canadians retiring in the next two years, nearly three in 10 will carry a mortgage.
Article content
What's more, 46 per cent of all nearly retired respondents plan to downsize before or shortly after retiring.
Article content
In its survey of realtors, Royal LePage found real estate agents estimated about four in 10 near retirees planning to downsize will move to a standard condominium whereas one in four plan to move to an age 55-plus community.
Article content
In Alberta, however, realtors note not having any near-retirees planning to move to a condominium, while 50 per cent indicate moving to a 55-plus community.
Article content
Article content
'In Alberta, there is a lower average instance of downsizing than in other parts of the country,' says Anne-Elise Cugliari Allegritti, national director of research and communications at Royal LePage in Vancouver.
Article content
One reason for that lower rate could be the preference for downsizing in the province, whereby they are not looking at the abundant apartment condominium options as much as they seek villa-style 55-plus communities.
Article content
'There is less supply and more competition to find that right-sized property,' she adds.
Article content
Downsizing clients are indeed favouring bungalows and villa-style homes with typically one floor of living space, Wareham-Bakker says.
Article content
'The 55-plus communities are appealing to people who don't have to rush to work every day,' she says, noting these often new developments are amenity rich.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
3 hours ago
- CTV News
Average Montreal home price surpasses $1 million
Since Alec Raffa started his real estate career four years ago with Royal LePage, he's seen a steep rise in house prices, with many now costing $1 million. Since Alec Raffa started his real estate career four years ago with Royal LePage, he's seen a steep rise in house prices. His recent listing on Nun's Island is just shy of $1,000,000. 'The supply is nowhere near where the demand is at this time,' he said. New figures released from Centris show the lack of supply is having an impact on the market: the average home in price in Montreal is now $1,008,234, an increase of 42 per cent since 2020. Raffa said it's important to put that number in context. 'A lot of people tend to panic when they hear prices are over one million,' he said. 'But the Montreal market still remains quite affordable when you compare it to those of Toronto and Vancouver.' While price in those cities stagnated and even slumped last year, Montreal home prices rose by 7 per cent. Lower mortgage rates are also having an impact, according to Rise Mortgage's Brad Weigensberg. 'The average mortgage rate for the last four months has been settling somewhere around 4.09 per cent to 4.29 per cent,' he said. 'We currently have some specials with some lenders on insured purchases at 3.69 per cent or conventional deals at 3.99, which are rates that have not really been heard of over the last six months.' Some neighbourhoods around Montreal, including Outremont, Westmount and Downtown have long surpassed the million-dollar home price mark. But suburbs are catching up, with many single-family homes approaching that price. Those high price tags are forcing first-time home buyers to get creative, according to Raffa. 'They're borrowing money or they're getting gifts from their parents. Or, you see several friends that are going in on the same home,' he said, adding that parents who own property have benefitted from the 40 per cent increase in the last five years. The good news is that there are still many homes on the market below $1 million. The mean price in Greater Montreal remains around $800,000, but it's still a seller's market and buyers will have to make some compromises, including adding a commute. While Montreal's average home price did hit the million-dollar mark once in 2024, analysts expect this trend will continue and may become the new normal as demand continues to outstrip supply.
Cision Canada
4 hours ago
- Cision Canada
Lockout escalates as Titan Tool & Die moves raw materials to U.S.
WINDSOR, ON, Aug. 21, 2025 /CNW/ - Titan Tool & Die has escalated its lockout of 25 workers by hauling the last remaining raw materials out of its Windsor plant. Union representatives witnessed the removal today and believe the materials are being moved to the United States. "This company is trying to pull a fast one on our members, our union and the entire Windsor community, hiding the betrayal of its workforce behind the smokescreen of a lockout," said Unifor National President Lana Payne. "First, they emptied the plant, then they locked out our members, and now they're loading up the last of the raw material. Titan Tool & Die's owner knows if Canadians knew what they're up to, the outrage would be fierce." The union alleges that the company continues to try and quietly shift production across the border to its American facility s to avoid the likely public and political backlash that would follow if it admitted to moving good union jobs to the U.S. "What cuts the deepest is not the fact that Titan locked our members out, or the trucks removing the last of plant's raw materials, it's that Titan refuses to look our members in the eyes and admit what they're doing," said Local 195 President Emile Nabbout. "They've fed off the skill and loyalty of our members for decades, and now they think they can just suck this place dry and move on. Our members see through the lies, and we're not about to let this company drain the life out of Windsor on its way across the border." Unifor continues to call on Titan Tool & Die to come clean about its plans for the future of the Windsor plant and immediately resume negotiations and bargain a fair deal for workers that secures jobs and production in Canada. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future.
Cision Canada
5 hours ago
- Cision Canada
Statement by Minister MacDonald following meeting with representatives from the Government of Saskatchewan and canola industry leaders
OTTAWA, ON, /CNW/ - The Honourable Heath MacDonald, Minister of Agriculture and Agri-Food issued the following statement after meeting with representatives from the Government of Saskatchewan and leaders from the Canadian canola sector: "Today, along with my colleagues the Honourable Buckley Belanger, Secretary of State (Rural Development), and the Honourable Kody Blois, Parliamentary Secretary to the Prime Minister, I had the opportunity to meet with Premier Scott Moe, Agriculture Minister Daryl Harrison, Trade and Export Development Minister Warren Kaeding and key canola industry stakeholders and exporters to discuss the challenges faced by the canola sector, including the recent preliminary anti-dumping duty imposed by China on imports of canola seed from Canada. "Earlier this month, China announced a preliminary anti-dumping duty on imports of canola seed from Canada of 75.8%, which entered into force on August 14, 2025. This was in addition to existing trade measures resulting from China's anti-discrimination investigation, including the 100% tariffs on Canadian canola oil and meal. Our hard-working producers provide world-class canola products to Canadians and international trading partners and the Government of Canada is profoundly disappointed with China's announcement. "At today's meeting, we agreed on the importance of working together to ensure fair market access for the canola industry and engaging in constructive dialogue with Chinese officials to address each other's respective trade concerns. Our discussion also touched on support options for producers, including the government's suite of business risk management (BRM) programs and how Canada is developing a comprehensive industrial strategy to help businesses develop new export opportunities in international markets. "Canola is one of our most valuable agricultural exports and an important driver of the Canadian economy. We are steadfast in our commitment to defend and diversify Canadian trade and we will stand shoulder to shoulder in our support for Canada's hard-working canola producers, workers and exporters." Quick facts Canola is Canada's second-largest acreage crop, with over 21 million acres produced annually. Canola seed production in Canada generated $12.9 billion in farm cash receipts in 2024, making it the most valuable principal field crop. China is the largest export market for Canadian canola seed, representing 67% of total canola seed exports and totaling 5.9 million tonnes in 2024, worth approximately $4 billion. Follow us on X, Facebook, Instagram, and LinkedIn Web: Agriculture and Agri-Food Canada SOURCE Agriculture and Agri-Food Canada
