Canadian baby boomers’ investments in real estate outperform their other financial assets, a recent report from Mustel Group and Sotheby’s International Realty Canada has revealed.
In particular, over half (61%) of the age group in the country’s four largest metropolitan areas – Calgary, Montreal, Toronto, and Vancouver – said their real estate investments fared better than their RRSPs, TFSAs, stocks, and bonds.
Overall, 47% anticipate real estate gains to exceed their financial investments, while 28% expect on par performance. Furthermore, this group believes buying real estate in their city is a positive financial move, with 57% deeming it a “very good” or “good” investment.
“For many generations of Canadians, home ownership has been fundamental to long-term financial planning, security and wealth creation, even as local real estate markets have fluctuated in the short-term,” said Brad Henderson, president and CEO of Sotheby’s International Realty Canada.
“It’s no surprise that baby boomers remain bullish about real estate in spite of recent headwinds that have introduced new uncertainty into the Canadian real estate market, and in light of record performances by US stock indexes in the past year,” he added.
Baby boomers from Vancouver and Toronto were more likely to indicate that their property investments have outperformed financial investments, at 72% and 68% respectively. The figures stood at 47% for Montreal and 46% for Calgary.
Some 74% of those surveyed would recommend investing in real estate to the next generation of Canadian home buyers. Likewise, a third either plan to or have already given a living inheritance for helping relatives purchase residential real estate.
The real ‘Manhattanization’ of Toronto’s housing market
Supply-demand gap largest in Toronto, Vancouver – CMHC
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate Source link