The Globe and Mail‘s Kerry Gold reports on a new wave of condo buyers that is happening at a faster pace than expected. Seniors instead of holding on to their equity rich housing until infirmity forces them into supportive care facilities appear to be cashing out and moving to condominium developments, many with similar square footage on the floor plate as their previous homes.
Called “the transitioning buyer” these older condo purchasers will spend approximately half their equity in their new abode.Developers including “Nic Paolella, director of development for Marcon Developments in Vancouver, says he’s seeing the beginning of a potential flood of downsizers that will become one of the biggest drivers of the condo market. Marcon is a mid-size condo developer with a projected 1,000 units coming on the market this year.”
“This is the tip of the iceberg in terms of amount of capital out there…
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