Canada’s Seniors Market is Growing

Canada’s Seniors Market is Growing

In a recently released report, StatsCan announced that Canadians are now living longer than ever before.  This longer life expectancy means that Canada’s Seniors Market is growing ‘on both ends’.  More Canadians are entering retirement age, as the ‘baby boomer’ generation is aging, and retirees are living longer once they get there. 

According to the Statistics Canada report, life expectancy at birth in Canada reached 80.7 years for the three-year period between 2005 and 2007, up from the average of 78.4 a decade earlier between 1995 and 1997.

Gains during the past decade were stronger among men. Their life expectancy at birth rose by 2.9 years to 78.3 in 2005-2007, while among women it increased by 1.8 years to 83.0. The gap between the sexes has been closing for several years.

Life expectancy among seniors at the age of 65 has also been on an upward trend for several years.  On average, a 65-year-old man could expect to live an additional 18.1 years in 2005-2007, an increase of 2.0 years from the previous decade. A 65-year-old woman could expect to live an additional 21.3 years, up by 1.3 years.

As the population ages, their real estate needs will also change.  What’s more, these seniors will tend to have the financial resources to readily make changes to suit those changing needs. Seniors will play an increasingly important role in Canada’s real estate market in the years ahead.

If you’re thinking of selling your home, you’d be wise not to overlook this growing segment of the Canadian population.  I can give you tips on how to target this increasingly important niche market.  And if you’re one of the those Seniors who is planning to downsize, upgrade, or buy a retirement property, I can advise you on some of the features that will best suit you in your ‘golden years’.  If you’d like to know more about the Senior’s real estate market, contact me.  You’ll be glad you called me first.