2020 Mustel Report: Aging in Place

2020 GENER ATIONAL RE AL ESTATE TREND S

Aging in Place

BABY BO OMERS & OLDER ADULTS: ASPIR ATIONS, E XPECTATIONS & RE ALITIES

Contents ACKNOWLEDGEMENTS 3 INTRODUCTION 4 NATIONAL SUMMARY

Cover Image: MLS # 14820455

5

CURRENT HOME: CHARACTERISTICS

12

CURRENT HOME: INFLUENCE OF AGING C ONSIDER ATIONS

22

AGING IN PL ACE: ASPIR ATIONS

31

DESIRES VS. LIKELIHOOD TO MOVE

38

FUTURE HOUSING TRENDS

45

Acknowledgements MUSTEL GROUP Mustel Group has been a leading market research and public opinion research firm in Canada for more than 30 years, trusted by a wide range of the country’s most esteemed public and private sector institutions to design and conduct qualitative research, quantitative research and omnibus surveys in order to understand the thoughts and motivations underlying peoples’ emotions, opinions and behaviours.

SOTHEBY ’S INTERNATIONAL RE ALT Y CANADA Sotheby’s International Realty Canada is the leading international real estate sales and marketing company for the country’s most exceptional properties. With offices in 32 residential and resort markets nationwide, and a global affiliate network of over 1,000 offices in over 71 countries and territories, the company showcases every property it represents, regardless of neighbourhood or price point, on a premier, global digital and publications network.

MLS# C4685284

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Introduction Sotheby’s International Realty Canada releases a series of reports that capture real estate data and consumer trends across the country’s largest metropolitan markets. Based on results from a survey conducted with leading market research and public opinion firm Mustel Group, the 2020 Generational Real Estate Trends Report: 1 Aging in Place is a multi-part series examining the challenges, preferences, and home buying habits of urban baby boomer and older adult homeowners. The report uncovers trends related to aging and its impact on the housing aspirations, expectations and realities of the influential baby boomer generation born between 2 1946–1965, as well as those who are older.

This Mustel Group/Sotheby’s International Realty Canada initiative delves into the real estate desires, motivations, plans and behaviours of urban baby boomer/older adult homeowners and their intentions to “age in place” in their current homes, or to sell and move to another primary home during their lifetime. It reveals regional differences in housing and neighbourhood priorities when it comes to aging, uncovers subtle trends between baby boomer/older adult homeowners in Metro Vancouver, Greater Calgary, Greater Toronto and Greater Montreal, and reveals nuances in trends between 3 affluent and non-affluent households.

versus their expectations of whether they will actually sell and move during their lifetimes. The report uncovers insights into how these preferences and expectations might affect real estate demand in key Canadian markets.

The report series is based on findings from a survey of 1,764 4 homeowners ages 54 years or older in Canada’s four largest Census Metropolitan Areas (CMAs): Metro Vancouver, Greater Calgary, Greater Toronto and Greater Montreal, using a disproportionate sampling method to enable analysis within each metropolitan area, as well as across the combined CMAs. The sample was weighted to 5 match Statistics Canada census data on the basis of age, household income and home ownership within each CMA and to bring the total 6 7 sample into proper proportion based on relative populations.

32% of households surveyed are couples without children, 44% are couples with one or more children, 6% are single parents with one or more children, and 18% are single without children. Fully half currently have children living at home. 26% of responders are ages 54–59, 21% are ages 60–64, 18% are ages 65–69, 13% are ages 70–74, 14% are ages 75–79. 6% are ages 80–84, and 2% are over 85 years.

Data for this report series was gathered from August 7–16, 2019.

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Baby Boomers & Older Adults: Aspirations, Expectations and Realities, the first report in this series, reveals the gap between the desires of today’s baby boomer/older adult homeowners to live in their current home and neighbourhood for as long as they can,

1 The information contained in this report references survey results, plus market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighbourhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada, or Sotheby’s International Realty Affiliates or Mustel Group for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.

2 While demographic and statistical researchers and commentators do not cite universal start and end dates for generations, for the purposes of this report the parametres referenced are: Baby Boomers born between 1946 and 1965, ages 54–73 at the time of the survey (currently ages 55–74).

For the purposes of this report, “older adults” refers to those older than the Baby Boomer generation, born before 1946.

3 For the purposes of this report, “affluent” is defined as any household with over double the median provincial household incomes based on the 2016 Canadian Census. These medians are British Columbia: $69,995, Alberta: $93,835, Ontario: $74,287 and Quebec: $59,822.

4 Data for this report series was gathered from August 7–16, 2019; survey responders were ages 54 years or older at this time.

5 Respondents in the Montreal CMA had a choice of taking the survey in English or French.

6 The distribution of the total sample reflects the relative population proportions across the four CMAs surveyed. Greater Toronto represents 42% of the total, Greater Montreal 29%, Greater Vancouver 18% and Greater Calgary 11%.

7 While the panel sample is demographically representative, margins of error only apply to random probability samples. (The margin of error on a random probability sample of 1,764 respondents is ±2.3 percentage points, 19 times out of 20, and ranges from ± 4.38 to 4.9 points for 400-500 respondents).

8 An online methodology was employed, using a robust national panel of Canadians who reside in the four greater metropolitan areas of interest: Greater Vancouver, Greater Calgary, Greater Toronto and Greater Montreal. The panel is maintained to be representative of the Canadian population and provide high quality data. Panelists are recruited by a double opt-in method from large databases of reputable channels (e.g., major brands/ retailers/reward programs/not for profits, etc.) using industry standards of panel quality assurance, validation, verification and best practices for panel management. Panelists receive point system rewards for participation in surveys.

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National Summary HIGHLIGHTS • Close to half (46%) of urban Canadian baby boomers/homeowners considered their needs in aging into their senior years before they purchased their current primary home. Of these, close to half (45%) cited safety as a key priority in their neighbourhood selection, while home features relating to single-level living factored the most heavily in their home selection. Condominium owners reported having an elevator, indoor fitness and wellness amenities and security services as the leading priorities.

• Over 8 in 10 (86%) baby boomer/older adult homeowners in Canada’s key metropolitan areas want to live in their current home for as long as possible; almost 9 in 10 (88%) want to live in their current neighbourhood for as long as they can, suggesting a strong desire amongst urban Canadians to age in place.

• However, while the vast majority of today’s baby boomer/older adult homeowners have the desire to live in their current home and neighbourhood for as long as possible, they are more equally divided in their expectations of whether they will sell and move during their lifetime. Just over 1 in 3 (36%) baby boomer/older adult homeowners across Canada’s four largest metropolitan areas are likely to sell their current home and move to a new primary residence (other than a seniors’ care home or facility) within their lifetime.

• Over half (54%) of urban Canadian baby boomer/older adult homeowners with plans to sell their home and move are motivated by the concern that their current home will be too large as they age.

1 in 4 (25%) reported the desire to “cash out” to enable more lifestyle expenditures such as travel and entertainment, while just over 1 in 10 (12%) reported the need to sell their home to support basic costs of living after retirement.

• Fully 3 in 4 (76%) urban baby boomer/older adult homeowners who expect that they will sell and move from their current home plan on buying a replacement residence, thereby reinvesting in the real estate market.

• Over half (54%) with plans to move to a new home expect to move into a condominium. Those in Montreal significantly surpassed this benchmark: 64% reported that they will likely move into a condo.

HOUSING PLANNING FOR AGING: A KEY C O N CERN FO R CA N A DA’S BA BY B O O MERS / OLDER ADULTS Since 2011, the first year that the baby boom generation began turning 65, the proportion of seniors in Canada has accelerated and is projected to rise rapidly as more from this significant generational cohort turn 65. By 2024, it is expected that one in five Canadians will 9 be aged 65 and older. With these monumental demographic shifts, challenges and opportunities relating to urban aging have emerged in Canada’s largest metropolitan real estate markets as government, developers and individual homeowners contend with the need to make homes, neighbourhoods and cities age-friendly for current and future generations of older people.

According to Mustel Group/Sotheby’s International Realty Canada’s survey findings, housing-related needs that come with aging have been longstanding concerns for a considerable percentage of Canadian baby boomer/older adult homeowners across the country’s four largest metropolitan areas. 46% reported that advance planning for their needs as they age influenced the purchase of their current home.

Safety, transit friendliness and proximity to a grocery store were the leading priorities for ensuring an age-friendly neighbourhood, reported by 45%, 37% and 34% respectively as being amongst their top agingrelated considerations when buying their home. Priority home features to accommodate aging in place included having a full bathroom on the main level, single-level housing and having a main-level bedroom

9 Canada’s Population Estimates: Age and Sex, Statistics Canada, July 1, 2018

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or room that can be used as a bedroom, cited by 35%, 27% and 26% respectively. For condominium owners, having an elevator, indoor fitness and wellness amenities and security service were the leading priorities when planning for their needs with aging, reported as key considerations by 68%, 41% and 33% respectively.

57% of urban baby boomer/older adult homeowners currently own a single family home, making it the most common primary home type for this cohort.

Those who plan to sell their home and move are most likely to be motivated by the desire to downsize into a smaller home due to concerns that their existing one will be too large as they age, with 54% reporting this as a key motivation, followed by concerns about needing to maintain their current home, as well as its physical layout. Notably, 25% reported that cashing out to allow for more lifestyle expenses would be one of their key motivations, while 12% indicated selling their home to support basic post-retirement costs of living would be a key factor.

AGING IN PLACE: DESIRES VS. E XPECTATIONS & RE ALITIES Results from the Mustel Group/Sotheby’s International Realty Canada survey reveal that while the vast majority of baby boomers/older homeowners in the country’s largest metropolitan areas have a desire to live in their current home and neighbourhood for as long as possible, they are more equally divided in terms of whether they expect to sell and move to a new primary home during their lifetimes.

86% agree that they want to live in their home for as long as they can, with 59% expressing strong agreement with this sentiment. Meanwhile, 88% agree that they want to live in their current neighbourhood for as long as they can, with 61% strongly agreeing with this sentiment.

However, Mustel Group/Sotheby’s International Realty Canada’s survey findings reveal a more nuanced picture of the realities and expectations of this cohort.

Across Canada’s major metropolitan centres, 36% of baby boomer/ older adult homeowners expect they will likely sell and move to a new home during their lifetime, with 14% expecting to move to a different city, 13% expecting to move to a different neighbourhood within their current city and 9% expecting to move to a different home within the same neighbourhood. 34% expect that they will stay in their current home and never move, while 30% are unsure.

MLS# 30786870

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ENDURING DEMAND FOR PRIMARY HOME OWNERSHIP Mustel Group/Sotheby’s International Realty Canada’s survey results indicate that today’s baby boomer/older adult homeowners are poised to remain influential real estate consumers in Canada’s key metropolitan real estate markets in the coming years. 76% of those who expect that they will move from their current home plan on buying their replacement primary residence; 11% plan to rent, while 1% plan to move in with a family member.

Prospective home sellers in Vancouver and Calgary plan to buy a replacement primary residence at rates of 87% and 82% respectively, compared to rates of 78% in Toronto and 63% in Montreal.

DEMAND FOR CONDOMINIUMS SURPASSES OTHER HOUSING TYPES The impact of Canada’s aging population on the condominium markets of the country’s major cities has been broadly reported, however, Mustel Group/Sotheby’s International Realty Canada survey results reveal new details on how baby boomers/ older adults are set to influence condominium demand in key markets in coming years.

MLS# R2421539

Condominiums are also the predominant choice amongst baby boomer/older adult homeowners in Vancouver, Toronto and Calgary with plans to sell their primary home, with 52%, 51% and 45% reporting that they expect their replacement home to be condominium.

According to survey results, 54% of baby boomer/older adult homeowners with plans to sell their current home and move to a different primary residence expect to move into a condominium. 29% expect to move into a single family home while 18% expect to move into an attached or duplex/triplex unit.

Condominium demand is strongest amongst those in Montreal, with 64% of those with plans to sell reporting that they are likely to move into a condo. This trend coincides with the strengthening of the region’s condominium market in recent years, which registered a significant 23% year-over-year increase in sales volume and 11% gain in median 10 prices in January 2020 .

10 Quebec Professional Association of Real Estate Brokers, January 2020

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Market Highlights VANCOUVER 50% of baby boomer/older adult homeowners in Vancouver reported that considerations regarding their future needs with aging influenced the purchase of their current home. For this group, the leading neighbourhood features prioritized to support their needs in aging included buying a home with a grocery store in close proximity, reported by 45% as a top priority, transit friendliness (42%), as well as neighbourhood safety (41%). Home features prioritized to support future needs with aging included having a full bathroom on the main level (34%), having a main-level bedroom or bedroom option (33%), and single-level housing (27%). Those who own a condominium reported that having an elevator (79%), communal outdoor space (36%) and security services (29%) were key aging-related considerations when buying their current home.

The challenges of single family housing affordability in Vancouver are apparent in the Mustel Group/Sotheby’s International Realty Canada survey results. Baby boomer/older adult homeowners in Vancouver are the least likely of the metropolitan areas surveyed to own a single family primary home, at a rate of 45%. 28% own an attached home or duplex/triplex unit while 27% own a condominium.

Compared to their peers in Montreal and Toronto, baby boomer/older adult homeowners in Vancouver are less likely to express a desire to remain in their home or neighbourhood for as long as possible and are significantly more likely to anticipate selling their current home and purchasing a new primary residence during their lifetime.

These sentiments have a notable impact on this cohort’s expectations as to whether they expect to sell their current home and move. 40% of Vancouver’s baby boomer/older adult homeowners expect to sell and move to another home during their lifetime. 16% expect to move to a different neighbourhood within their current city, while 10% expect to move within their current neighbourhood. 14% expect to move to a different city entirely. The desire to avoid the need to maintain or repair their current home is the most common reason for expecting a future sale and move, cited by 48%.

Baby boomer/older adult homeowners in Vancouver are likely to report that they plan to buy a replacement home if they expect to sell and move. This foreshadows the potential for this cohort to have a strong impact on the region’s real estate market as 87% of those who plan to move to another primary home during their lifetime plan on purchasing their next residence. In this future home, the most sought-after features to support needs that come with aging relate to single-level living, cited by 47% as a top priority. Those who specifically expect to move to a condominium are most likely to prioritize having an elevator (73%), indoor fitness or wellness facility (54%) and communal outdoor space (41%).

52% of those who plan to sell and move to a new primary home report that they will likely move into a condominium, a trend that will support local demand. 25% plan to move to a single family home, while 24% plan to move to an attached home or duplex/triplex unit.

55% of those in Vancouver strongly agree that they want to live in their current home for as long as they can, while an additional 28% “somewhat agree”; 59% agree strongly with wanting to live in their neighbourhood for as long as they can, while 27% “somewhat agree”.

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Market Highlights CALGARY Calgary’s baby boomer/older adult homeowners are likely to have considered their future needs with aging when purchasing their current home: 49% indicated that these considerations influenced their home purchase. While safety was the leading neighbourhood feature prioritized to specifically support their needs in aging with 46% reporting it as a top priority, car friendliness emerged as a unique priority for Calgary, with 36% reporting it as a key consideration. 31% indicated that proximity to a grocery store was a key, aging-related factor in their home purchase. Home features prioritized to support future needs with aging include having a full bathroom and bedroom on the main level, reported by 42% and 37% respectively. Meanwhile, those who own a condominium reported that having an elevator (66%), communal outdoor spaces (50%) and indoor fitness and wellness facilities (35%) were key aging-related considerations for their current primary residence.

move within their current neighbourhood. 14% expect to move to a different city entirely. The most common motivation for wanting to sell and move is concern about the large size of their current home as they age, reported by 63%.

82% of those who plan to sell and move from their current home plan to purchase their replacement residence, suggesting that they will remain active and influential real estate consumers in upcoming years. As in the case of all other regions surveyed, the leading future home feature sought after to support aging-related needs is singlelevel leaving, cited by 60% in Calgary. Priorities for those who expect to move to a condominium include having an elevator (68%), indoor fitness or wellness facility (59%), and to a lesser extent, having communal outdoor space (34%).

Condominiums are the predominant choice for baby boomer/older adult homeowners with plans to move, however, 45% report that they will likely move into a condominium, the lowest rate amongst the metropolitan areas surveyed. 33% expect to move into a single family home while 23% report they are likely to move into an attached home or duplex/triplex unit.

Single family home preference and accessibility is apparent amongst Calgary’s baby boomer/older adult homeowners, who are the most likely of those in Canada’s largest metropolitan areas to currently own a single family home, at a rate of 73%. 16% own an attached home or duplex/triplex unit, while 10% own a condominium, the lowest rate of the surveyed regions.

53% strongly agree that they want to live in their current home for as long as they can, while an additional 30% “somewhat agree”; 54% agree strongly with wanting to live in their neighbourhood for as long as they can, while 32% “somewhat agree” with this sentiment.

At the same time, 43% of Calgary’s baby boomer/older adult homeowners expect to sell and move to another primary home during their lifetime. They expect to move within the same city to a different neighbourhood, at a rate of 20%, while 9% expect to

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Market Highlights TORONTO 46% of baby boomer/older adult homeowners in Toronto considered their future needs with aging when purchasing their current home.

As in the case of every metropolitan area surveyed, safety was the leading neighbourhood feature prioritized to specifically support these needs, with 43% reporting it as a top priority when buying their current home. Transit friendliness followed as a leading priority for the region, with 41% reporting it as a key consideration, while 34% indicated that proximity to family was a key aging-related consideration for their home purchase. When purchasing their current home, features prioritized to support potential needs with aging included having a full bathroom on the main level (31%), single-level living (27%) and having a security system (24%).

Condominium owners reported having an elevator (65%) and indoor fitness and wellness facilities (64%) as key aging-related priorities.

Those in Toronto were more likely than those in other metropolitan areas to report that having a concierge or doorman was a priority, at a rate of 45%.

neighbourhood within their current city; 8% expect to move within their current neighbourhood. For those in Toronto, concerns that the home will be too large as they age is the most common motivation for wanting to sell and move, reported by 52%.

78% of those in Toronto who expect to sell and move from their current home plan to buy their replacement residence, suggesting active demand from this cohort in the coming years. To support aging-related needs, single-level living is the top priority for their future home, reported by 53%. For those who expect to move to a condominium, top priorities include having an elevator (66%), indoor fitness or wellness facility (54%) and having communal outdoor space (45%).

51% of those with plans to move are likely to move into a condominium. 34% expect to move into a single family home while 16% report they will likely move into an attached home or duplex/ triplex unit.

Current home ownership amongst this cohort is skewed towards single family homes, at a rate of 59%. 22% own an attached home or duplex/triplex unit, and 19% own a condominium.

60% of baby boomer/older adult homeowners in Toronto strongly agree that they want to live in their current home for as long as they can, and an additional 26% “somewhat agree”. 60% also agree strongly with wanting to live in their neighbourhood for as long as they can, while 28% “somewhat agree” with this sentiment.

33% of baby boomer/older adult homeowners expect to sell and move to another primary home during their lifetime, the lowest rate of the metropolitan areas surveyed. 14% expect to move to a different city. 10% report that they are likely to move to a different

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Market Highlights MONTREAL Baby boomer/older adult homeowners in Montreal reported that planning for their future needs with aging influenced the purchase of their current home at a rate of 42%. For those who took this into consideration, the key neighbourhood features prioritized to specifically support their needs in aging included safety, reported by 49% as a top priority, proximity to a grocery store (36%) and transit friendliness (33%). Property features prioritized to support future needs with aging include having a full bathroom on the main level (37%), single-level housing (28%) and having a multi-level home with as few stairs as possible (24%). Condominium owners prioritized having an having an elevator (67%), followed by having security services (28%). Both communal outdoor spaces and indoor fitness facilities were also priorities for condominium owners, prioritized by 24% respectively.

Home ownership in Montreal is balanced more evenly between single family homes and higher-density housing. 55% of baby boomer/ older adult homeowners own a single family home, while 21% own an attached home or duplex/triplex unit and 24% own a condominium.

9% expect to move within their current neighbourhood. Concern about their current home’s size is the leading motivation for a future move, reported by 58%.

Montreal’s baby boomer/older adult homeowners are the least likely of the metropolitan areas surveyed to have plans to buy a replacement home if they expect to sell and move. 63% of those with plans to move to another primary home during their lifetime plan to buy their next residence. Those in Montreal are also more likely to report plans to rent their next primary home, at a rate of 21%.

To support aging-related needs, their leading priorities for a future home relate to single-level living, cited by 42% as a top priority.

Those who specifically expect to move to a condominium are most likely to prioritize having an elevator (77%), indoor fitness or wellness facility (62%) and security services (42%).

Future demand for condominiums is strongest amongst baby boomer/older adult homeowners in Montreal. 64% of those who plan to sell their current home report that they are likely to move into a condominium, a trend that supports healthy demand for condominiums within the region. 22% expect to move into a single family home and 14% expect to move into an attached home or duplex/triplex unit.

63% of baby boomer/older adult homeowners in Montreal strongly agree that they want to live in their current home for as long as possible and an additional 26% “somewhat agree”, while 66% agree strongly with wanting to live in their neighbourhood for as long as they can. An additional 24% “somewhat agree” to this sentiment.

This implicit desire to age in place has a notable impact on this cohort’s expectations as to whether they expect to sell and move from their current home. 35% of Montreal’s baby boomer/older adult homeowners expect to sell and move to another home during their lifetime. 14% expect to move to a different city, however, 12% expect to move to a different neighbourhood in their current city and

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Current Home: Characteristics

MLS# 30786870

Current Home: Characteristics Close to 6 in 10 (57%) baby boomer/ older adult homeowners across Canada’s four largest metropolitan areas own a single family home,

Homeownership in Montreal is balanced almost evenly between single family homes and higher-density housing options. While 55% of baby boomer/older adult homeowners have a single family home, 21% own an attached home or duplex/triple unit. 24% own a condominium, exceeding the rate of condo living in both Toronto and Calgary amongst this demographic.

Baby boomers and older adult homeowners in Vancouver are the least likely amongst their counterparts across Canada’s four largest metropolitan areas to own a single family home. 45% own a single family home, while 28% own an attached home or duplex/triple unit.

27% own a condominium.

making it the most commonly owned type of primary residence for this cohort. 4 in 10 have three bedroom (40%), two-bathroom (42%) properties.

PROPERTY TYPE Single family homes are the most common primary residence currently owned by baby boomer/older adult homeowners across Canada’s major metropolitan areas, at a rate of 57%. 21% of this demographic own a condominium, while 22% own an attached home or duplex/triplex unit.

Trends vary significantly between markets. Single family home ownership is significantly more common amongst baby boomers and older adults in Calgary, at a rate of 73%. 16% own an attached home or duplex/triplex unit, while 10% own a condominium, the lowest rate of Canada’s major urban centres.

MLS# C4283368

In Toronto, primary residence ownership amongst baby boomers/ older adults is also skewed heavily towards single family homes, at a rate of 59%. 22% own an attached home or duplex/triplex unit, while 19% of homeowners in this cohort have a condominium.

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PROPERTY SIZE

Just over 1 in 3 (36%) baby boomer / older adult homeowners live in a property less than 1,500 sq. ft., 4 in 10 (40%) live in a property 1,500–2,500 sq. ft, and almost 1 in 4 (24%) live in a property of over 2,500 sq. ft.

10% of baby boomer/older adult homeowners in Canada’s four largest urban centres own a primary residence that is less than 1,000 sq. ft. while 26% own a property measuring 1,000–1,499 sq.ft.

Properties measuring 1,500–1,999 sq. ft. and 2,000–2,499 sq.ft., are owned by 21% and 18% respectively. 24% own a primary residence over 2,500 sq.ft.

Of Canada’s four largest metropolitan real estate markets, baby boomer/older adult homeowners in Calgary are the most likely to own a home with three or more bedrooms: 43% of those surveyed own a three-bedroom residence, and 37% own a home with four or more bedrooms.

In Montreal, baby boomer/older adult homeowners live in a three bedroom property at a rate of 44%, with 31% living in a home with four or more bedrooms.

Meanwhile, those in Toronto are equally likely to own a three or fourplus bedroom residence, at rates of 38% respectively.

The vast majority of baby boomer/older adult homeowners own a home with two or more bathrooms, at a rate of 88%.

NUMBER OF BEDRO OMS & BATHRO OMS

Three-bedroom, two-bathroom properties are the most commonly owned homes.

Overall, 40% of homeowners in the baby boomer/older adult demographic own a home with three bedrooms, and 74% own a home with three or more bedrooms.

Those in Vancouver are the least likely to own a primary residence with three or more bedrooms, at a rate of 61%, compared to those in Calgary (81%), Toronto (76%) and Montreal (75%). Instead, baby boomers/older adults in Vancouver are equally likely to own a property with two, three, or over four bedrooms, at rates of 33%, 33% and 28% respectively.

MLS#C4683569

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Current Primary Residence: Housing Type Q. WHAT T Y PE OF PROPERT Y IS YOUR CURRENT PRIMARY RESIDENCE? Dwelling Type of Primary Residence pg. 17 *Total Major Metros

57%

4%

18%

21%

**CMA Region: Vancouver

45%

Affluent

48%

Non-Affluent

44%

Calgary

73%

Affluent

80%

Non-Affluent

71%

Toronto

59%

Affluent

70%

Non-Affluent

55%

Montreal

55%

Affluent

59%

Non-Affluent

54%

24%

4% 24%

27% 9%

24%

20%

2%

30%

13%

3% 1%

9% 15%

21%

4%

1% 12%

23%

14% 10% 15%

Single Family Home

Attached Home / Townhouse / Semi / Rowhome

Duplex / Triplex Unit

Condominium

10% 9% 11%

19% 1%

16%

1%

20%

7%

24%

5%

26%

8%

23%

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

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Current Primary Residence: Approximate Size Q. WHAT IS THE SQUARE FO OTAGE OF YOUR CURRENT PRIMARY RESIDENCE? Approximate Size of Primary Residence pg. 20 *Total Major Metros

1% 3%

6%

26%

21%

Vancouver

3%

9%

25%

19%

Affluent

4%

18%

13%

6%

3%

3%

**CMA Region:

Non-Affluent

1%

Calgary

1%

Affluent

1%

Non-Affluent

1%

20% 5%

21%

12%

5%

7%

25%

6%

Affluent

2%

12%

21%

1% 3%

7%

26%

Montreal Affluent Non-Affluent

1% 4%

22%

6%

1% 2% 1%

19%

5%

19%

8%

19%

19%

39%

18% 22% 17%

3%

4%

3% 1%

3%

3%

9%

8%

13%

4%

1% 1%

2%

3%

9%

12%

3%

11%

6%

10%

2%

4%

8%

15%

21% 25%

24%

4%

10%

19%

6%

5%

19%

24%

33%

6%

4%

4%

14% 25%

31%

3%

12%

20%

23%

1% 2%

13%

17%

22%

16%

8%

15%

18%

26% 11%

13%

17%

27%

Toronto

Non-Affluent

17%

6%

12% 16%

3% 7%

6% 4%

1% 2%

Less than 500 Sq. ft.

500 - 749 Sq. ft.

750 - 999 Sq. ft.

1,000-1,499 Sq. ft.

1,500 - 1,999 Sq. ft.

2,000 - 2,499 Sq. ft.

2,500 - 2,999 Sq. ft.

3,000 - 3,499 Sq. ft.

3,500 - 3,999 Sq. ft.

4,000+ Sq. ft

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.ca 16

Current Primary Residence: Number of Bedrooms Q. HOW MANY BEDROOMS ARE IN YOUR PRIMARY RESIDENCE? Number of Bedrooms in Primary Residence pg. 18 *Total Major Metros

4%

40%

23%

34%

**CMA Region: Vancouver Affluent

6% 2%

Non-Affluent

Calgary

7%

Affluent

1% 5%

3%

Affluent

3%

Non-Affluent

3%

47%

21%

44%

34%

20%

38%

38%

16%

Montreal

37%

42%

4%

25%

43%

11%

Non-Affluent

37% 30%

18%

1%

28%

39% 38%

1%

Toronto

33%

23%

Affluent Non-Affluent

33%

36% 21%

39%

22% 14%

47% 35%

44% 41%

25%

42% 45%

One Bedroom or Less

Two Bedrooms

Three Bedrooms

Four + Bedrooms

31%

26%

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.ca 17

Current Primary Residence: Number of Bathrooms Q. HOW MAN Y BATHRO OMS ARE IN YOUR PRIMARY RESIDENCE? Number of Bathrooms in Primary Residence pg. 19 *Total Major Metros

12%

42%

12%

38%

31%

16%

**CMA Region: Vancouver Affluent

2%

30%

Non-Affluent

Calgary

Affluent

33%

29%

49%

33%

7%

8%

21%

35%

37%

44%

33%

22%

15%

53%

8%

20%

53%

Non-Affluent

21%

34%

25%

Montreal Affluent

42%

39%

3%

Non-Affluent

28%

34%

4%

9%

40%

17%

Toronto

22%

41%

3%

13%

46%

16%

Affluent Non-Affluent

37%

28%

26% 53%

One Bathroom

Two Bathrooms

Three Bathrooms

Four + Bathrooms

5% 13% 18%

2%

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.ca 18

Price & Timing On average more than three-quarters (77%) of baby boomer and older adult homeowners from across Canada’s four major metropolitan areas paid less than $500,000 for their current residence. This ranges from fewer than 7 in 10 baby boomers/older adults in Vancouver (66%), to nearly 9 in 10 (87%) in Montreal.

In Vancouver, 66% purchased their home for less than $500,000, while 26% paid between $500,000–$999,000. 8% purchased their current residence for over $1 million.

In Calgary, 72% of this cohort paid less than $500,000 for their current home, while 21% paid $500,000–$999,000. 8% paid $1 million or more for their residence.

75% of baby boomers and older adults in Toronto purchased their current home for less than $500,000 while 20% did so for $500,000–$999,000. The remainder purchased their property for over $1 million.

In Montreal, local baby boomers and older adults paid less for their current home than in any of the major metropolitan areas surveyed.

87% purchased their home for under $500,000 while 10% spent $500,000–$999,000. Less than 5% purchased their home for $1 million or more.

MLS# SIRC406170

TIMING OF PURCHASE Overall, approximately 65% of homeowners 54 years or older purchased their primary residence 15 or more years ago. 19% purchased 7–14 years ago, and a further 16% did so within the past six years.

Baby boomers and older adults in Vancouver are more likely than those in other major metropolitan areas to have purchased their home in the past six years, at a rate of 23%.

sothebysrealty.ca 19

Current Primary Residence: Price at Time of Purchase Q. WHAT WAS THE PRICE OF YOUR CURRENT HOME AT THE TIME YOU PURCHASED IT ?

Price of Current Home at Time Of Purchase pg. 12 *Total Major Metros

77%

12%

6%

3% 1%1%

**CMA Region: Vancouver

66%

Affluent

51%

Non-Affluent

72%

Calgary

72%

Affluent

51%

Non-Affluent

80%

Toronto

75%

Affluent

55%

Non-Affluent

82%

Montreal

87%

Affluent

75%

Non-Affluent

93%

17% 17%

13%

7%

4% 5%

17%

3%

2% 1%

11%

6%

1% 2%

12%

6%

2% 1%

8%

15%

8% 11%

3%

2% <1%

5%

1% 1%1%

5%

8% 16%

$2 million - $2,499,999

$750,000 - $999,999 $2.5 million - $2,999,999

2%

2% 1%1% 1% 5%

2% 1%1% 5%

$500,000 - $749,999

2% 1%

4%

12% 15%

5%

7%

12%

18%

2% 2%

7%

13%

Less than $500,000 $1.5 million - $1,999,999

9%

1% 1%1%

$1 million - $1,499,999 $3 million - $3,999,999

Over $4 million

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.caâ&#x20AC;&#x192;20

Current Primary Residence: Timing of Purchase Q. HOW LONG AGO DID YOU PURCHASE YOUR HOME? Purchase of Primary Residence pg. 11 *Total Major Metros

Within the last 12 months

Vancouver**

Calgary**

Toronto**

Montreal**

2%

1%

2%

3%

2%

5%

9%

4%

5%

4%

9%

13%

11%

9%

5%

Within the last 7 - 9 years

7%

6%

10%

7%

5%

Within the last 10 - 14 years

12%

13%

16%

10%

14%

15 or more years ago

65%

57%

58%

67%

71%

Within the last 13 months - 3 years

Within the last 4 - 6 years

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n=402) Calgary (n=406) Toronto (n=503) Montreal (n=453)

sothebysrealty.caâ&#x20AC;&#x192;21

Current Home: Influence of Aging Considerations

MLS # N4685702

Current Home: INFLUENCE OF AGING C ONSIDER ATIONS ON PURCHASE

Almost half (46%) homeowners ages 54 or older said planning for their needs with aging influenced their purchase of their current home.

reported strong and moderate influences on their purchase at rates of 17% respectively, while 12% reported it as a minimal influence.

Advance planning for aging needs was least influential in Montreal, where 42% of baby boomer/older adult homeowners indicated that the purchase of their current residence was influenced by this consideration. Only 13% reported that planning ahead for potential needs in aging strongly influenced their home purchase decision, the lowest across the metropolitan areas surveyed. Similarly, Montreal homeowners also lagged behind those in Vancouver, Calgary and Toronto considering their needs with aging as a “moderate” influence on their home purchase, at a rate of 16%. 13% indicated it was a minimal influence.

Results from the Mustel Group/Sotheby’s International Realty Canada survey reveal that a considerable percentage of urban baby boomer/older adult homeowners considered their needs in aging before buying their current home. 46% of baby boomers/older adults indicated that planning ahead for their needs as they age into their senior years influenced their choice of home purchased, with 16% indicating that considering these needs strongly influenced their home purchased, while 17% and 12% indicated that this factor “moderately influenced” and “minimally influenced” their decision.

50% of Vancouver’s baby boomer/older adult homeowners considered their needs in aging when they purchased their primary residence. 21% and 20% reported this consideration as a strong and moderate influence respectively, while 9% reported this as a minimal influence.

49% of Calgary baby boomer/older adult homeowners and 46% of this cohort in Toronto reported that planning ahead for potential needs in aging influenced the choice of property purchased. In Calgary, 15% and 18% indicated that this factor strongly and moderately influenced their final decisions, while 15% reported it as a minimal influence. Toronto’s baby boomer/older adult homeowners

MLS# C4281313

sothebysrealty.ca 23

Current Primary Residence: Influence of Aging Considerations on Purchase Q. WHEN YOU BOUGHT YOUR CURRENT HOME, DID PLANNING AHEAD FOR YOUR NEEDS AS YOU AGE INTO YOUR SENIOR YEARS INFLUENCE THE CHOICE OF HOME YOU PURCHASED? Influence of Aging Needs of Seniors on Home Purchase Decision pg. 21 *Total Major Metros

Yes

Vancouver**

Calgary**

Toronto**

Montreal**

46%

50%

49%

46%

42%

16%

21%

15%

17%

13%

17%

20%

18%

17%

16%

Yes - Minimally influenced my home purchase

12%

9%

15%

12%

13%

No - did not influence my home purchase

52%

48%

51%

52%

57%

Don't know

2%

2%

1%

2%

2%

Yes - Strongly influenced my home purchase

Yes - Moderately influenced my home purchase

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n=402) Calgary (n=406) Toronto (n=503) Montreal (n=453)

sothebysrealty.caâ&#x20AC;&#x192;24

Current Neighbourhood: PRIORIT Y FE ATURES TO SUPP ORT AGING IN PLACE

For those who considered their needs in aging during their home purchase, safety was the leading priority for their neighbourhood of choice. Close to half (45%) of urban baby boomers/older adults reported it as one of their top three considerations.

In the purchase of their current primary home, baby boomer/ older adult homeowners across every metropolitan area surveyed cited neighbourhood safety as their top concern when taking into consideration their needs in aging. This was cited in Montreal at a rate of 49% and was reported by 46% as one of the top three considerations for those in Calgary. 43% of those in Toronto and 41% in Vancouver reported this as one of their leading concerns.

MLS# N4685702

Other top location priorities for those who planned ahead for their home and neighbourhood to support their evolving needs in aging included transit friendliness (37%) and proximity to a general grocery store (34%).

sothebysrealty.caâ&#x20AC;&#x192;25

Current Primary Residence: Top 3 Neighbourhood Priorities WHEN YOU BOUGHT YOUR CURRENT HOME,WHAT WERE THE TOP 3 NEIGHBOURHO OD FE ATURES YOU PRIORITIZED HAVING SPECIFICALLY TO MEE T YOUR NEED S AS YOU AGE? *TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

Neighbourhood safety

45

41

46

43

49

Transit friendliness – near rapid transit and/ or bus lines

37

42

22

41

33

Close to general grocery store

34

45

31

29

36

Close to family

29

23

21

34

28

Car friendliness – access to major arteries, parking nearby

26

22

36

26

26

Close to work

21

18

27

21

19

Close to hospital and/ or health care facility

21

22

17

21

21

Close to park

16

16

26

13

16

Close to restaurants/ cafes

13

13

11

15

10

Close to friends

12

8

7

11

19

Close to family doctor

7

9

3

10

4

Close to community centre

5

10

3

4

5

Cycling friendliness – near cycling- friendly lanes/ infrastructure

5

5

10

3

6

Sidewalks that are in good condition and accessible for wheelchairs or other

3

2

4

2

4

Other

8

7

10

8

6

None of the above

2

2

3

3

2

*Note: Percentages may not add to 100% due to multiple responses. * Base: Total Major Canadian Metropolitan Areas: (n= 802) Those whose future planning for aging influenced their choice of home purchased. ** Vancouver (n=196) Calgary (n=196) Toronto (n=230) Montreal (n=180)

so t hebysrea l ty.ca 26

Current Home: PRIORIT Y FE ATURES TO SUPP ORT AGING IN PLACE

For those whose plans for aging influenced the purchase of their current home, key priorities were related to single-level living. Having a full bathroom on the main level was the top priority and reported by just over 1 in 3 (35%). Approximately 1 in 4 reported having a single-level home as a key priority (27%), while approximately 1 in 4 reported having a main-level bedroom or bedroom option as a priority (26%).

While 42% of Calgarians reported that having a main-level bathroom was a priority, they were also likely to cite having a property with a bedroom or bedroom option on the main level as a key priority, at a rate of 37%. They were also likely to indicate that having a multi-level home with as few stairs as possible was a priority (25%).

In addition to having a full bathroom on the main level (31%), Torontoâ&#x20AC;&#x2122;s baby boomer/older adult homeowners who took their needs with aging into consideration when buying their current home reported that single-level housing was a key priority, reported by 27%. Those in Toronto were also likely to report having a security system as a key home purchase priority at a rate of 24%.

In addition to having a full, main-floor bathroom (37%), other top priorities for those in Montreal who had planned for their needs in aging when they purchased their current home included having a single-level property, reported at a rate of 28%. Montrealers also reported having a multi-level home with as few stairs as possible as a top priority, albeit at a slightly lower rate of 24%.

Those who planned for evolving needs in aging when they purchased their current home most frequently cited having a full bathroom on the main floor as a top priority. This was prioritized by urban baby boomer/older adult homeowners in Calgary at a rate of 42%. 37% of those in Montreal reported this as a key consideration in their home purchase, while 34% and 31% of those in Vancouver and Toronto did so respectively.

In addition to having a full bathroom on the main level (34%), the leading priorities of baby boomer/adult homeowners in Vancouver roughly mirrored national trends, with 27% reporting single-level housing and 33% a main-level bedroom or room that can be converted to a bedroom as a priority for their current home.

sothebysrealty.caâ&#x20AC;&#x192;27

Current Primary Residence: Top 3 Home Feature Priorities WHEN YOU BOUGHT YOUR CURRENT HOME, WHAT WERE THE TOP 3 PROPERT Y FE ATURES YOU PRIORITIZED HAVING SPECIFICALLY TO MEE T YOUR NEED S AS YOU AGE?

*TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

A full bath on the main level

35

34

42

31

37

A single-level home/ bungalow with no stairs at all

27

27

23

27

28

A bedroom, or a room that could be used as a bedroom, on the main level

26

33

37

21

22

A multi-level home with as few stairs as possible

21

23

25

17

24

Security system

20

17

20

24

16

A half bathroom on the main level

15

15

23

16

10

Doorways that are wider than the standard 28 to 32 inches

7

6

5

7

7

A bathroom pre-equipped with age considerations, such as grab-rails, no step shower or higher toilet

6

9

6

7

3

A separate suite with kitchen/ bathroom (i.e. “granny flat”, “in-law quarters” or “coach house”) that would allow for a live-in caregiver

6

6

5

8

3

Emergency response system that notifies others in case of emergency

4

3

2

6

4

A ramp from my home that allows easy access to a driveway and/ or the street

4

4

1

3

6

Other

8

6

5

9

10

26

19

21

28

29

None of the above

*Note: Percentages may not add to 100% due to rounding and multiple answers. * Base: Total Major Canadian Metropolitan Areas (n= 802), Those whose future planning for aging influenced their choice of home purchased. ** Vancouver (n=196) Calgary (n=196) Toronto (n=230) Montreal (n=180)

sothebysrealty.ca 28

Current Home: PRIORIT Y C OND O FE ATURES TO SUPPORT AGING IN PLACE

For condominium owners who had factored their needs with aging into their purchase, having an elevator in the building was the top priority for accommodating their requirements.

Close to 7 in 10 (68%) reported it as one of their top three considerations. Other priorities included having indoor fitness and wellness amenities, reported by 4 in 10 (41%), and having security services, reported by 1 in 3 (33%).

While having an elevator was also the leading consideration for Calgaryâ&#x20AC;&#x2122;s baby boomers/older adult condo owners (66%), having communal outdoor space and indoor fitness and wellness facilities were also key factors, reported by 50% and 35% respectively.

In Toronto, the top priorities for baby boomers/older adult condo owners also included having elevator access, reported by 65%, followed closely by having indoor fitness and wellness facilities, reported by 64%. At the same time, those in Toronto who had taken into consideration aging needs with their condo purchase were more likely than those in any other metropolitan area to report having a concierge or doorman as a key home purchase priority at a rate of 45%, compared to 21% in Montreal, 10% in Calgary and a nominal 3% in Vancouver.

Those in Montreal who had planned for their needs in aging when purchasing their condominium also reported having an elevator as their top priority at a rate of 67%. Security services were the secondmost cited priority at a rate of 28%, while 24% indicated that indoor fitness facilities and communal outdoor space were amongst their top three considerations.

1 in 3 (32%) baby boomers/older adult condo owners indicated that having communal outdoor space was a priority when considering their needs in aging.

There were subtle differences between the priorities of baby boomer/ urban adult condo owners across Canadaâ&#x20AC;&#x2122;s largest metropolitan areas.

Of the Vancouver condo owners who took their needs with aging into consideration when buying their current property, 79% prioritized having an elevator in the building. Other key considerations included having communal outdoor spaces, such as courtyards, terraces and gardens, which were cited by 36%, as well as security services, cited by 29%.

MLS# SIRC406170

sothebysrealty.caâ&#x20AC;&#x192;29

Current Primary Residence: Top 3 Condo Feature Priorities WHEN YOU BOUGHT YOUR CURRENT C OND OMINIUM, WHAT WERE THE TOP 3 C OND O BUILDING FE ATURES YOU PRIORITIZED HAVING SPECIFICALLY TO MEE T YOUR NEED S AS YOU AGE?

*TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

68

79

66

65

67

41

20

35

64

24

Security services

33

29

29

38

28

Communal outdoor space such as courtyards, terraces, gardens

32

36

50

31

24

Concierge and/ or doorman

27

3

10

45

21

12

10

4

14

11

10

14

19

10

3

Other

9

13

6

2

17

None of the above

10

12

12

5

17

Elevator Indoor fitness and wellness amenities, such as a gym, exercise room, swimming pool or sauna

Outdoor fitness and wellness amenities, such as onsite golf greens, outdoor pool Communal social areas such as billiards room, games room, or other social area

*Note: Percentages may not add to 100% due to rounding and multiple answers. * Base: Total Major Canadian Metropolitan Areas (n= 235) Condo purchasers whose future planning influenced the choice of home they purchased. ** Vancouver (n=72) Calgary (n=39) Toronto (n=74) Montreal (n=50)

sothebysrealty.caâ&#x20AC;&#x192;30

Aging in Place: Aspirations

MLS # 14260387

Desire to Live in Current Neighbourhood for as Long as Possible

59% of baby boomer/older adult homeowners in Vancouver reported that they agree strongly with the sentiment of wanting to live in their neighbourhood for as long as they can, while 27% “somewhat agree”.

12% expressed a level of disagreement with this statement.

54% of baby boomer/older adult homeowners in Calgary want to live in their neighbourhood for as long as they can. An additional 32% agree somewhat with the statement, while 11% either strongly or somewhat disagree with it.

Almost 9 in 10 (88%) baby boomer/older adult homeowners in Canada’s four largest metropolitan areas agree that they want to live in their current neighbourhood for as long as they can; 6 in 10 (61%) strongly agree.

Results from the Mustel Group/ Sotheby’s International Realty Canada survey reflect that the vast majority of today’s baby boomer/ older adult homeowners have a desire to remain in their current neighbourhood for as long as possible.

MLS# R2421816

66% of Montreal’s baby boomer/older adult homeowners agree strongly with the sentiment of wanting to live in their neighbourhood for as long as they can, at a rate of 66%; an additional 24% “somewhat agree” to the statement. 9% either strongly or somewhat disagree with the statement.

Similarly, 60% of baby boomer/older adult homeowners in Toronto strongly agree that they want to live in their current neighbourhood for as long as possible with an additional 28% somewhat agreeing to the statement. 9% expressed some level of disagreement with this statement.

sothebysrealty.ca 32

Desire to Live in Current Neighbourhood for as Long as Possible Q. H OW STRONGLY D O YOU AGREE OR DISAGREE WITH THE STATEMENT ?

“I WANT TO LIVE IN MY CURRENT NEIGHBOURHOOD FOR AS LONG AS POSSIBLE” Agreement with Statements - “I want to live in my current neighbourhood for as long as possible” pg. 27 *Total Major Metros

61%

27%

3%

6%

2%

**CMA Region: Vancouver

59%

27%

8%

Affluent

60%

25%

10%

Non-Affluent

59%

28%

8%

Calgary

54%

32%

Affluent

54%

34%

Non-Affluent

54%

32%

Toronto

60%

28%

Affluent

55%

30%

Non-Affluent

62%

4%

3%

3%

7%

3%

4%

3%

4%

3%

10% 6%

4%

6% 10% 28%

3% 3%

2%

3%

5% 5%

1%

1% 4%

Montreal

66%

24%

5%

4%

1%

Affluent

65%

25%

4%

4%

1%

Non-Affluent

66%

24%

5%

4%

1%

Strongly Agree

Somewhat Agree

Somewhat Disagree

Strongly Disagree

Not Sure

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.ca 33

Desire to Live in Current Home for as Long as Possible

55% of baby boomer/older adult homeowners in Vancouver reported that they agree strongly with the sentiment of wanting to live in their home for as long as they can, while 28% “somewhat agree”. 15% expressed a level of disagreement with this statement.

Baby boomer/older adult homeowners in Calgary expressed strong agreement with the sentiment of wanting to live in their home for as long as they can, at a rate of 53%. An additional 30% agree somewhat with the statement, while 14% either strongly or somewhat disagree with it.

More than 8 in 10 (86%) baby boomer/older adult homeowners in Canada’s four largest urban areas agree that they want to live in their current home for as long as they can; 6 in 10 (59%) strongly agree.

Results from the Mustel Group/ Sotheby’s International Realty Canada survey reflect that the vast majority of today’s baby boomer/ older adult homeowners also have a desire to remain in their current home for as long as possible. This sentiment, however, varies across the metropolitan areas surveyed.

Montreal’s baby boomer/older adult homeowners were the most likely of the metropolitan areas surveyed to report that they agree strongly with the sentiment of wanting to live in their home for as long as they can, at a rate of 63%; an additional 26% “somewhat agree” to the statement. 10% either strongly or somewhat disagree with the statement.

MLS # C4271173

Similarly, 60% of baby boomer/older adult homeowners in Toronto strongly agree that they want to live in their current home for as long as possible with an additional 26% somewhat agreeing to the statement. 12% expressed some level of disagreement with this statement.

sothebysrealty.ca 34

Desire to Live in Current Home for as Long as Possible Q. H OW STRONGLY D O YOU AGREE OR DISAGREE WITH THE STATEMENT ?

“I WANT TO LIVE IN MY CURRENT HOME FOR AS LONG AS POSSIBLE” Agreement with Statements - “I want to live in my current home for as long as possible” pg. 28 *Total Major Metros

59%

27%

5%

8%

2%

**CMA Region: Vancouver

55%

Affluent

55%

Non-Affluent

55%

28%

9%

25%

5%

13%

30%

3%

6%

1%

8%

5%

3%

9%

5%

3%

Calgary

53%

Affluent

47%

Non-Affluent

55%

Toronto

60%

Affluent

57%

Non-Affluent

61%

28%

Montreal

63%

26%

6%

5%

1%

Affluent

62%

26%

5%

5%

1%

Non-Affluent

63%

26%

6%

5%

1%

Strongly Agree

Somewhat Agree

30%

14%

35% 29%

7%

26%

5%

8%

21%

Somewhat Disagree

4%

4%

11%

Strongly disagree

4%

10% 7%

2% 1%

2% 2%

Not Sure

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.ca 35

Anticipated Total Years in Current Home Approximately 2 in 3 (63%) of urban baby boomer/ older adult homeowners expect that they will live in their current home for a total of 20 years or more.

85% of baby boomer/older adult homeowners in Canada’s largest metropolitan areas expect to live in their home for a total of 10 years or more, with 63% expecting to live 20 or more years in their current home. 23% expect that they will live 20–29 years in their current property, 18% expect to live 30–39 years, while 22% expect to live in their home for a total of over 40 years.

68% of baby boomer/older adult homeowners in Montreal expect to live in their home for 20 years or more. 22% expect to live 20–29 total years in their current home, while 19% expect to live in their home for 30–39 years. 27% expect to live a total of 40 or more years in their current property, exceeding the rates of their cohorts in other urban areas who anticipate this outcome.

65% of baby boomer/older adult homeowners in Toronto report that they expect to live in their home for two decades or more. 23% and 19% expect to live in their home for a total of 20–29 years and 30–39 years respectively. 24% anticipate that they will live in their property for 40 or more years.

MLS# C4683569

58% of Calgary’s baby boomer/older adult homeowners expect to live in their current home for 20 years or more in total. 25% foresee living in their home for 20–29 years and 15% foresee 30–39 total years in their home. 18% expect to live 40 or more years in their home.

Similarly, 56%, of baby boomer/older adult homeowners in Vancouver anticipate living a total of two decades or more in their current home. 23% and 17% expect to spend 20–29 years and 30–39 years in their home respectively. 15% anticipate living 40 or more years in their home, the lowest percentage of the major urban areas surveyed.

MLS# C4683569

sothebysrealty.ca 36

Current Primary Residence: Anticipated Total Years Q. H OW MAN Y Y E ARS IN TOTAL (I.E.,FROM DATE OF PURCHASE, TO PROJECTED DATE OF SALE) DO YOU THINK YOU WILL LIVE IN YOUR CURRENT HOME? Time Intended to Live in Current Home pg. 26 *Total Major Metros

1%

9%

5%

12%

14%

10%

9%

9%

22%

9%

**CMA Region: Vancouver

1% 3%

Affluent Non-Affluent

Calgary

9%

15%

12% 2%

4%

<1%

7%

Affluent

6%

19% 8%

8%

<1%

8%

Toronto

1%

4%

10%

Affluent

2%

6%

8%

Non-Affluent

1%

4%

12%

1%

5%

Affluent Non-Affluent

4% 1%

5%

14%

14%

13%

8%

7%

16%

13%

7%

11%

8%

12%

10%

11%

8%

12%

7%

10%

11%

10%

24% 20%

10%

25%

9% 15%

27% 9%

10%

14% 19%

11%

10%

8%

2%

10%

8%

10%

18%

7%

10%

10%

16%

11%

9%

6%

13%

3%

6%

9%

11% 15%

8%

8%

9%

12%

15%

13%

9%

13%

16%

9%

10%

11% 16%

8%

10%

6%

8%

14%

11%

11%

7% 16%

15%

21%

8%

11% 7%

14%

15%

6%

13% 20%

13%

Non-Affluent

Montreal

16%

22% 29%

Less than a year

1 to 4 Years

5 to 9 Years

10 to 14 Years

15 to 19 Years

20 to 24 Years

25 to 29 Years

30 to 34 Years

35 to 39 Years

Over 40 Years

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n= 402, affluent n= 117 non-affluent n= 285 ) Calgary (n= 406, affluent n= 87 ; non-affluent n= 319 ) Toronto (n=503, affluent n= 154; non-affluent n= 349) Montreal (n=453, affluent n=148 ; non-affluent n= 305)

sothebysrealty.caâ&#x20AC;&#x192;37

Aging in Place: Desires vs. Likelihood to Move

MLS # R2426049

Likelihood to Sell and Move to a New Primary Residence Just over 1 in 3 (36%) of baby boomer/older adult homeowners from across Canada’s four largest metropolitan areas expect that they will sell their current primary home and move to a new primary residence (other than a seniors’ care home or facility) within their lifetime.

Findings from the Mustel Group/Sotheby’s International Realty Canada survey reveal that while the vast majority of today’s baby boomer/older homeowners have a desire to live in their current neighbourhood and home for as long as they can, they are more equally divided in terms of whether they expect to sell their home and move to a different primary residence during their lifetime.

Across Canada’s metropolitan centres, 36% of urban baby boomer/ older adult homeowners expect to sell and move to a new primary home: 14% expect to move to a different residence in a different city, 13% expect to sell and move to a different neighbourhood in their current city, while 9% anticipate selling and moving to a different residence in their current neighbourhood. In contrast, 34% expect that they stay in their current residence and never move, while 30% remain unsure.

Calgarians reported that they are likely to sell their current home and move to a different primary residence again in their lifetime at a rate of 43%. 20% anticipate that this will entail a move within their current city, but to a different neighbourhood. 14% expect to move to a different city, while 9% expect to move to a different property within their current neighbourhood. 28% of Calgary’s baby boomer/ older adult homeowners expect that they will be able to stay in their current residence and never move, the lowest rate of the urban areas surveyed.

40% of Vancouver’s baby boomer/older adult homeowners expect to sell and move to another primary residence within their lifetime: 16% expect to move to a different neighbourhood in their current city, 14% anticipate a move to a different city, and 10% expect to move to a different residence in their current neighbourhood. 33% reported that they do not plan to sell and move from their current primary home.

In Montreal, 35% reported that they are likely to sell their current home and move to a different residence: 14% expect to move to a different city, 12% expect to move to a different neighbourhood in their current city and 9% expect to sell and move to a different residence in their current neighbourhood. 35% have no plans to sell; rather, they intend to stay in their current residence and never move.

While 33% of baby boomer/older adult homeowners in Toronto reported that they are likely to sell their current primary home and move to a different one in their lifetime, this is the lowest rate reported of the major metropolitan areas surveyed. 14% indicated that they are likely to sell and move to a different city, 10% indicated that they are likely to move to a different neighbourhood in their current city, while 8% reported that they are likely to move to a different residence within their current neighbourhood. As in the case of Montreal, 35% have no plans to sell or move to another primary home in their lifetime.

sothebysrealty.ca 39

Likelihood to Sell and Move to a New Primary Residence Q. ARE YOU LIK ELY TO SELL YOUR CURRENT PRIMARY H OME AND M OVE TO A DIFFERENT PRIMARY RESIDENCE THAT IS NOT A SENIORS’ CARE HOME / CARE FACILIT Y AG AIN IN YOUR LIFE TIME? Likelihood to Move to New Primary Residence pg. 40 *Total Major Metros

Vancouver**

Calgary**

Toronto**

Montreal**

Yes

36%

40%

43%

33%

35%

Yes - Move to a different residence in a different city

14%

14%

14%

14%

14%

Yes - Move to a different neighbourhood in my current city

13%

16%

20%

10%

12%

Yes - Move to a different residence in my current neighbourhood

9%

10%

9%

8%

9%

No - I plan to stay in my current residence and never move

34%

33%

28%

35%

35%

Not sure

30%

27%

29%

32%

31%

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 1,764) ** Vancouver (n=402) Calgary (n=406) Toronto (n=503) Montreal (n=453)

sothebysrealty.ca 4 0

Plans to Buy a Replacement Primary Residence 3 of 4 (76%) urban baby boomer/older adult homeowners

Of the Toronto baby boomer/older adult homeowners who plan to sell and move to another primary residence during their lifetime, 78% plan to buy their next property. 7% plan to rent another primary residence, while 14% remain unsure.

Montrealâ&#x20AC;&#x2122;s baby boomer/older adult homeowners with plans to sell and move are the least likely to plan to buy a replacement primary residence, at a rate of 63%. They are significantly more likely to report plans to rent their next primary residence at a rate of 21% and are also the most likely to indicate that they are not sure of their decision at a rate of 15%.

who expect that they will sell and move from their current primary home plan to buy their replacement residence.

According to the Mustel Group/Sothebyâ&#x20AC;&#x2122;s International Realty Canada survey, only 12% of urban baby boomer/older adult homeowners who plan to sell their primary home do not plan to buy their next residence: 11% plan to rent another primary residence after selling their current home while 1% plan to move in with a family member.

In Vancouver, 87% of those with plans to sell and move to a new primary home reported that they plan to purchase a new primary residence, the highest rate amongst the urban areas surveyed.

5% indicated that they plan to rent their next home, while 8% are currently unsure.

MLS# C4682300

82% of Calgary baby boomer/older adult homeowners with plans to sell and move to a new primary home plan to purchase a new primary residence. 12% plan to rent their next home, while 6% remain unsure.

sothebysrealty.caâ&#x20AC;&#x192;4 1

Plans to Buy a Replacement Primary Residence Q. DO YOU PLAN TO BUY A REPLACEMENT PRIMARY RESIDENCE? Plans to Buy a Replacement Residence pg. 41 *Total Major Metros Yes

Vancouver**

76%

Calgary**

Toronto**

63%

78%

82%

87%

Montreal**

Yes - Within the next year

9%

12%

4%

11%

7%

Yes - In the next 2 -3 years

13%

12%

20%

11%

13%

18%

19%

18%

20%

16%

12%

10%

11%

16%

8%

6%

12%

8%

4%

4%

18%

22%

20%

17%

15%

12%

5%

12%

8%

22%

No - I plan to rent another primary residence instead

11%

5%

12%

7%

21%

No - I plan to move in with a family member instead

1%

<1%

0%

1%

1%

Not sure

12%

8%

6%

14%

15%

Yes - In the next 4 - 5 years Yes - In the next 6 -7 years Yes - In the next 8 - 9 years Yes - In the next 10 years or more No

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 692) Those that plan to sell their primary residence and more to a different primary residence. ** Vancouver (n=164) Calgary (n=171) Toronto (n=184) Montreal (n=173)

sothebysrealty.caâ&#x20AC;&#x192;4 2

Motivations for Selling and Moving Over half (54%) of urban Canadian baby boomer/older adult homeowners with plans to sell their primary home and move are motivated by the desire to “downsize” into a smaller home, making this the most commonly cited reason to do so across all four major metropolitan areas surveyed.

1 in 4 (25%) reported the desire to “cash out” to allow for more lifestyle expenses such as travel and entertainment as one of their top three motivations, while 1 in 10 (12%) cited the need to cash out to support basic costs of living after retirement as a leading factor for their planned home sale.

Baby boomer/older adult homeowners with plans to sell their current home most commonly reported the concern that their current home is “too big for me as I age” as one of their top motivations for doing so (54%). This was cited most frequently in Calgary at a rate of 63%, followed by Montreal at 58% and Toronto at 52%.

In Calgary, the most commonly cited motivations for selling and moving outside of concerns about home size (63%), included the desire to avoid home maintenance and repairs (45%), as well as the concern that the layout won’t meet physical needs with aging (37%).

23% of baby boomer/older adult homeowners with plans to sell and move cited the desire to cash out to support lifestyle expenditures as a key factor for their plan, while 5% reported the need to cash out to support basic living costs post-retirement.

Motivations for baby boomers/older adults in Toronto roughly mirrored national trends, with the desire to avoid home maintenance, as well as concerns about home layout reported most frequently, at rates of 46% and 31% respectively, behind concerns about current home size (52%). While Toronto’s baby boomers/older adults reported the desire to cash-out to enable more lifestyle expenses at a rate of 28%, they indicated that they need to cash out to support post-retirement basic costs of living at a rate of 17%.

In Montreal, top motivators in addition to concerns about home size (58%) for a planned sale and move include similar concerns about the need to maintain or repair their current home in the future (50%), as well as concerns about layout (29%). Baby boomers/older adults in this metropolitan area indicated that they want to cash out to allow for more non-essential expenses at a rate of 20%. 11% of Montrealers reported the need to sell and move in order to support basic living costs following retirement.

Vancouver was the only exception to this national trend. The most commonly cited reason for making plans to sell and move was not wanting to maintain or repair one’s current home, reported by 48%, followed by concerns that the home will be too big, at 45%.

This was followed by concerns that the current home layout won’t meet physical needs in aging. Cashing out to support non-essential lifestyle expenditures was cited by 28% as a key motivation in selling and moving, while 10% reported the need to cash out to support basic living costs after retirement.

sothebysrealty.ca 43

Top 3 Motivations for Selling and Moving Q. WHAT ARE YOUR TOP 3 MOTIVATIONS FOR SELLING AND MOVING?

*TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

My current home size is too big for me as I age

54

45

63

52

58

I do not want to maintain, remodel or repair my current home in the future

47

48

45

46

50

My current home layout will not meet my physical needs as I age

32

37

37

31

29

25

28

23

28

20

I need to “cash out” to support my basic costs of living after retirement

12

10

5

17

11

I want to move closer to family

12

8

13

11

15

I want to “cash out” to help my child/ children buy real estate

7

7

2

10

6

I want to move closer to friends

5

8

4

6

4

My current home is too small for my needs

4

11

3

2

2

I want to “cash out”to help my child/children with their education expenses

1

-

2

1

1

13

15

9

15

11

I want to “cash out” to allow myself more non-essential expenses after retirement such as travel, dinning out, entertainment

None of the above

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n=692) Those that plan to sell their primary residence and move to a different primary residence. ** Vancouver (n=164) Calgary (n=171) Toronto (n=184) Montreal (n=173)

sothebysrealty.ca 44

Future Housing Trends

MLS # C4694308

Future Home: HOUSING TYPE

Over half (54%) of baby boomer/older adult homeowners across Canada’s four largest metropolitan areas with plans to move to a different primary residence expect to move into a condominium.

Mustel Group/ Sotheby’s International Realty Canada’s survey results confirmed that condominiums are the predominant housing choice for urban Canadian baby boomer/older adult homeowners with plans to move and revealed new trends in regional preferences.

Condominiums are exceptionally popular amongst baby boomers/ older adults in Montreal, where 64% of those who plan to sell their current residence report that they are likely to move into a condo, compared to 22% who expect to move into a single family home and 14% who anticipate an attached or duplex/triplex unit.

MLS# 21353525

Condominiums are also the predominant choice for baby boomer/ older adult homeowners with plans to move in Calgary. 45% indicated that they are likely to move into a condominium while 33% expect to move into a single family home. 23% reported that they are likely to move into an attached home or duplex/triplex unit.

A majority of Vancouver’s baby boomer/older adult homeowners with plans to sell their primary residence also expect to move into a condominium, at a rate of 52%. 25% reported that they are likely to move into a single family home and 24% expect to move into an attached or duplex/triplex unit.

In Toronto, 51% of this cohort reported that they are likely to move into a condominium. 34% indicated that they are likely to move into a single family home, while 16% expect to move into an attached home or duplex/triplex unit.

sothebysrealty.ca 4 6

Future Primary Residence: Housing Type to Move To Q. WHAT T Y PE OF H OUSING ARE YOU LIK ELY TO M OVE INTO? Choice of Primary Residence Dwelling Type to Move To pg. 43 *Total Major Metros

2%

29%

16%

54%

Vancouver

25%

22%

2%

52%

Affluent

25%

21%

5%

49%

Non-Affluent

25%

22%

**CMA Region:

Calgary

33%

Affluent

46%

Non-Affluent

26%

Toronto

34%

Affluent

42%

Non-Affluent

29%

Montreal

22%

Affluent

26%

Non-Affluent

20%

< 1%

53%

20%

3% 14%

23%

45% 38%

2%

3%

15%

48%

1%

51%

12% 16%

11%

2%

3% 6%

13%

46%

2%

53%

64% 67%

4%

Single Family Home

Attached Home / Townhouse / Semi / Rowhome

Duplex / Triplex Unit

Condominium

63%

*Note: Percentages may not add to 100% due to rounding. * Base: Total Major Canadian Metropolitan Areas (n= 692) Those that plan to sell their primary residence and move to a different primary residence. ** Vancouver (n= 164, affluent n= 54 non-affluent n= 110 ) Calgary (n= 171, affluent n= 52 ; non-affluent n= 119 ) Toronto (n=184, affluent n= 70; non-affluent n= 114) Montreal (n=173, affluent n=64 ; non-affluent n= 109)

sothebysrealty.caâ&#x20AC;&#x192;47

Future Home: PRIORIT Y FE ATURES TO SUPP ORT AGING IN PLACE

For those whose future plans include selling their primary home and moving, key priority features for a future home that will specifically support their needs in aging relate to single-level living. Having a single-level home with no stairs was the most frequently reported priority, with half doing so (50%). Almost 1 in 3 (31%) reported that having a full

Additional key future home priorities for those in Toronto include having a bedroom or bedroom option on the main floor (29%) and a full bath on the main floor (26%). 19% also reported having a security system as a key aging-related priority for a future home.

The other leading priorities of baby boomer/adult homeowners in Vancouver roughly mirrored national trends, with 36% prioritizing a full bathroom on the main floor, and 25% reporting a main-floor bedroom or bedroom option as a key priority for a future home that would support their needs in aging. Having a security system was also a frequently reported consideration, reported by 18%.

Similarly, additional top priorities for a future primary residence for those in Montreal who plan to sell and move from their current home include having a full bathroom on the main floor, reported by 31%, and having a bedroom or bedroom option on the main level, reported by 24%. 24% also reported having a security system as a top priority.

bathroom on the main level will be a key priority for a future home, while 1 in 4 (27%) reported that having a main-level bedroom or bedroom option will be a future home priority.

Those who plan to sell and move most frequently cited single-level living as a top priority for their future home. This was consistent across all major metropolitan areas surveyed and prioritized by urban baby boomer/older adult homeowners in Calgary at a rate of 60%. 53% of those in Toronto reported that this will be a key factor in their next home purchase, while 47% and 42% of those in Vancouver and Montreal did so respectively.

In Calgary, other leading priorities for a future home include having a full bathroom on the main level, and a bedroom or room convertible to a bedroom on the main level, both cited by 34%. Additional priorities for those in Calgary include having a bathroom preequipped with age considerations, such as grab rails or a no-step shower (22%) and a security system (19%).

MLS# 14260387

sothebysrealty.caâ&#x20AC;&#x192;4 8

Future Primary Residence: Top 3 Home Feature Priorities Q. WHICH OF THE FOLLOWING WILL BE THE TOP 3 PROPERT Y FE ATURES YOU PRIORITIZE HAVING IN YOUR NE X T H OME TO SPECIFICALLY MEE T YOUR NEED S AS YOU AGE?

*TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

A single-level home/ bungalow with no stairs at all

50

47

60

53

42

A full bath on the main level

31

36

34

26

31

A bedroom, or a room that could be used as a bedroom, on the main level

27

25

34

29

24

Security system

20

18

19

19

24

A bathroom pre-equipped with age considerations, such as grab-rails, no-step shower or higher toilet

18

15

22

14

23

A multi-level home with as few stairs as possible

13

14

14

15

10

Emergency response system that notifies others in case of emergency

11

8

12

7

17

A half bath on the main level

10

7

9

10

12

A separate suite with kitchen/ bathroom (i.e. “granny flat”, “in-law quarters” or “coach house”) that would allow for a live-in caregiver

6

8

4

7

6

Door handles that are levers instead of knobs

6

7

9

6

3

Doorways that are wider than the standard 28 to 32 inches

4

7

3

5

3

A ramp from my home that allows easy access to a driveway and/ or the street

4

3

2

4

5

23

25

16

24

24

None of the above

*Note: Percentages may not add to 100% due to multiple responses. * Base: Total Major Canadian Metropolitan Areas (n= 692) Those that plan to sell their primary residence and move to a diffrent primary residence. ** Vancouver (n=164) Calgary (n=171) Toronto (n=184) Montreal (n=173)

sothebysrealty.ca 49

Future Home: PRIORIT Y C OND OMINIUM FE ATURES TO SUPPORT AGING IN PLACE

For those whose future plans include selling their primary home and moving specifically into a condominium, having an elevator in the building is the leading priority for accommodating their future needs with age, with 7 in 10 (71%) reporting it as a key factor.

In Calgary, the top priorities for baby boomer/older adult condo owners who plan to sell their home and buy a condominium include having elevator access, reported by 68%, followed by having indoor fitness and wellness facilities, reported by 59%. 34% reported that communal outdoor space would be one of their top three factors in their condo purchase.

66% of those in Toronto reported that having an elevator would be a key priority to support their aging needs in their condo purchase.

Like their counterparts in other metropolitan areas, Toronto baby boomer/older adult condo owners reported that having indoor fitness and wellness facilities, as well as security services are leading priorities, at rates of 54% and 45% respectively. Having communal outdoor space and a concierge and/or doorman is also more frequently reported as a priority in Toronto, at rates of 39% and 37% respectively.

Other priorities include having indoor fitness and wellness amenities, reported by 6 in 10 (57%), while 4 in 10 (41%) cited having communal outdoor space as a priority when considering their needs in aging.

There were subtle variances between the priorities of baby boomer/ urban adult homeowners across Canadaâ&#x20AC;&#x2122;s largest metropolitan areas.

Montreal homeowners with plans to sell and move into a condo were likely to prioritize having an elevator, with 77% reporting it as one of their top three considerations. Other leading considerations for those in Montreal include having indoor fitness and wellness amenities, cited by 62%, as well as security services, cited by 42%.

Those in Vancouver who plan to sell and move into a condominium also reported having an elevator as their top priority at a rate of 73%. Having indoor fitness and wellness facilities was the secondmostcited priority at a rate of 54%, while 41% indicated that communal outdoor space would be one of their top three factors in their next condo purchase.

MLS# R2436294 MLS# R2436294

sothebysrealty.caâ&#x20AC;&#x192;50

Future Primary Residence: Top 3 Condo Feature Priorities Q. WHICH OF THE FOLLOWING WILL BE THE TOP 3 PRIORIT Y C OND O BUILDING FE AT URES TO SPECIFICALLY MEET YOUR NEEDS AS YOU AGE?

*TOTAL MAJOR METROS %

**VANCOUVER %

**CALGARY %

**TORONTO %

**MONTREAL %

71

73

68

66

77

57

54

59

54

62

Communal outdoor space such as courtyards, terraces, gardens

41

41

34

45

39

Security Services

37

28

33

39

42

Concierge and/ or doorman

25

11

27

37

18

18

21

25

16

18

13

16

12

17

10

4

7

3

3

4

Elevator Indoor fitness and wellness amenities, such as a gym, exercise room, swimming pool or sauna

Communal social areas such as billiards room, games room, or other social area Outdoor fitness and wellness amenities, such as onsite golf greens, outdoor pool

None of the above

*Note: Percentages may not add to 100% due to multiple responses. * Base: Total Major Canadian Metropolitan Areas (n= 356) ** Vancouver (n=81) Calgary (n=78) Toronto (n=86) Montreal (n=111)

sothebysrealty.caâ&#x20AC;&#x192;51

For those who seek an exceptional life

BACK COVER IMAGE: MLS# 417347 © MMXVII Sotheby’s International Realty Canada. All Rights Reserved. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Canada.