Condo Market Booming with Baby Boomers

Downsizing is not a new concept for homeowners as many local residents have been cashing in on their spacious detached houses for the simpler life associated with condo living. Mowing lawns, clearing out gutters, and shoveling driveways does not have to be the norm, and many owners of North Vancouver homes are seeking alternative lifestyles.

The lifestyle associated with a centrally located condo has much more to offer in terms of proximity to amenities and walkability of the neighbourhood. No more driving to the grocery store or the nearest restaurant, many neighbourhoods, such as Lower Lonsdale, offer a wide variety of shops and restaurants within a short walking distance of homeowner’s front door.

Potentially, mobility also becomes an issue for residents, and trading in your three-storey home for a single-level condo with elevator access can be very beneficial. Moving into a home without stairs offers a long-term housing solution, especially with some North Vancouver real estate that is also situated on a very steep piece of land. 

Walkability Being within walking distance to your dentist, grocer, hair dresser and favorite sushi restaurant also significantly reduces your environmental footprint while getting residents out and walking more often. Not to mention the economic benefits of walking rather than driving or having to own multiple vehicles. Save on gas, insurance, tune ups and put that money towards your next vacation. Living in a condo offers homeowners the ability to simply lock the door behind them while the building maintenance and landscaping is already looked after while they're away.  

Consider the mortgage payments on a 6-bedroom house, 5 of which may very well sit empty for most of the year, as well as the property tax and upkeep costs. When contrasted against the cost associated with condo living, many North Shore baby boomers may be in a position to sell their home, and either enjoy the lifestyle associated with being mortgage-free, or cash in on the market value of detached houses which can be put towards retirement. 

Residences at Queen Mary in North Vancouver Understandably, some homeowners may be hesitant to take the plunge from 3500 square foot North Vancouver homes to 800 square foot two-bedroom condos. However, it’s also important to be aware of the efficiency of new condos in today’s real estate market. Many North Vancouver condos comfortably fit two bedrooms and an open concept living/kitchen space into 800 square feet, by using highly efficient layouts that you simply don’t see in older homes. 

The demand for smaller homes comes from an insatiable hunger in the Vancouver real estate market for more and more condos. Developers, looking to maximize profit, are creating smaller spaces to appeal to buyers who need a second bedroom but simply cannot afford the cost associated with 1200 square feet. 

There are many fantastic new North Vancouver condo developments available with many more on the horizon.  With an increasing awareness of space-efficient layouts, storage-solutions and functional furniture, many buyers may be surprised what creative developers and designers are doing with condos. 

With a growing number of baby boomers approaching retirement and considering downsizing, we may well see a large move away from detached houses as residents seek to simplify the space in which they live and move towards condo living. Check out some of the Condos for sale in North Vancouver

Andrew GreenAbout the Author

Andrew Green

Born and raised on the North Shore of Vancouver, I am a Real Estate Agent with Keller Williams Elite Realty and have the privilege of helping people with their real estate needs. Check out more of my blogs and come back daily for new entries. Come and find me on Google+.