Has COVID Created the Perfect Opportunity for Boomers to Downsize?
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or empty nesters and the retired set, the term ‘downsizing’ doesn’t exactly have a history of evoking excitement. For many, the thought is that downsizing occurs later in life when it becomes too challenging to maintain the family home.
“The typical picture people have in their minds is adult children or grandchildren having to make decisions about what to do with Grandma’s fine china collectables, or Grandpa’s buckets of broken tools after a health crisis forces them into an assisted living home,” says Toronto-based downsizing expert and realtor, Keisha Telfer, co-founder of Transitions Realty.
Another outdated notion is that downsizing means a downgrade in personal living space – a belief that likely stems from the fact that condos 30+ years simply aren’t on the level they are today. But times have changed, especially in cities like Toronto. Rather than sacrifices, downsizing early can actually be associated with upgrading – something that’s
reflected in everything from luxe home finishes and five-star amenities, to more cash in the bank to take full advantage those welldeserved golden years (once the world returns to normal, that is). “If done properly, downsizing for Boomers is a proactive, planned transition, leveraging the equity in their home to fund their new lifestyle and find a renewed purpose. We call this
