“While downsizing won’t happen all at once, the direction is clear,” says Don Kottick, President of REMAX Canada. “Canada’s aging population will undoubtedly shift demand and availability of housing over time, but progress will depend on improving access to housing that meets seniors’ needs.”
However, the transition may be slower than some expect. Nearly half of Canadians (49%) report a lack of downsizing options in their communities, while another 8% say there are none at all. Among those aged 65 and older, the issue is even more pronounced, with 65% citing low or no availability.
As a result, relatively few homeowners are planning to make the move. Just 10% of Canadians say they intend to downsize within the next decade, rising modestly to 16% among seniors. Meanwhile, 46% of older homeowners expect to stay put.
Concerns about limited choice are widespread. Among those considering a move to a smaller home, 73% say they are worried about their options, including nearly one-third who describe themselves as very concerned.
“We’re seeing many homeowners who would consider downsizing, but they’re struggling to find suitable options in their communities,” says Kottick. “Without sufficient inventory to support these transitions, many are choosing to stay in their homes longer, which limits movement of younger buyers across the market.