The Canada Mortgage and Housing Corporation recently delved into the dynamics of "senior households" to understand the country's evolving real estate market. Its "Fall 2023 Housing Market Insight" indicates that the propensity of older adults to sell their properties peaks in more advanced age groups. Thus, it will take another few years to see a truly significant proportion of senior households list their properties for sale.

Overall, the 23-page report looks into 4 main questions:

1. What proportion of elderly households are putting their home up for sale?
2. Are households moving into the condominium market as they age?
3. Are households choosing to rent as they age?
4. Are elderly households choosing to downsize when they relocate at older ages?
   

Preliminary evidence suggests that the housing preferences of Canadian households change as they age. As they get older, more households choose to move into a condominium, to rent a home and sometimes to downsize their living space.

Among the 3 biggest metropolitan areas in Canada, households in Vancouver and Toronto are the most likely to transition to condominiums -- whereas in Montréal, older adult households tend to move more into rental housing.

"It's clear that most senior Canadian households, especially younger seniors, are staying in their existing homes," the report states. "Solutions aimed at increasing supply from existing units, like creating secondary suites or laneway homes, could be considered."

To download the full report, click here