Baby boomers fuelling sales of luxury homes in big Canadian cities

TORONTO — Baby boomers continue to drive sales in the luxury real estate market, upsizing their homes while also helping their Gen-Y offspring with home purchases, according to a new report.[np_storybar title=”Toronto detached housing prices soar well past $1 million in seller’s market” link=”https://business.financialpost.com/personal-finance/mortgages-real-estate/toronto-detached-housing-prices-soar-well-past-1-million-in-sellers-market”%5D It’s not even close anymore, Canada’s largest housing market is clearly in sellers’ territory, the Toronto Real Estate Board said Tuesday.The Greater Toronto Area had 8,940 sales in March, an 11% increase from a year ago. The average sale price of all housing types across the GTA reached $613,933 while the average price of detached homes in the city of Toronto rose 15.9% from a year ago to $1,042,405.Continue reading. [/np_storybar]The study by Sotheby’s International Realty Canada, which involved interviews with leading realtors in specific markets, examined generational differences between buyers of luxury real estate in Toronto, Vancouver, Calgary and Montreal.It says when looking for top-tier real estate, baby boomers born between 1946 and 1964 gravitate towards traditionally prestigious neighbourhoods such as Toronto’s Forest Hill and Vancouver’s Kerrisdale.Meanwhile, family-driven buyers from Generation X, the generation born right after the baby boomers, tend to prioritize neighbourhoods with high-quality schools in vibrant communities.When looking for high-end homes, homebuyers from Generation Y, also referred to as Millennials, tend to prioritize trendy, urban neighbourhoods with high walkability scores.The average price for a Vancouver detached home just hit a new record: $1.4 millionAdventures in Mortgageland: Three Canadian tales of the house-buy in the modern ageSotheby’s president and CEO Ross McCredie says he was surprised to discover how much baby boomer parents are helping their Gen-Y kids with home purchases.Not only are parents chipping in financially, they also tend to be heavily involved in the process.McCredie says he was also surprised to discover how important transit is to Gen-Y homebuyers, even in the high-end real estate segment.“They’re focused on transit in a big way,” McCredie said. “Even though they might be buying a $1.5-million condo, a lot of them have no interest in buying a car.”Meanwhile, many baby boomers — who were widely expected to downsize in retirement and snatch up condos in droves — are choosing instead to upsize, the report found.“People in their late 60s who have obviously done well for a variety of different reasons are choosing to sell whatever home they’re in today and actually buy an even bigger and more expensive home, typically in the same neighbourhood that they live in,” McCredie said. read more

Skeletal remains of human suspected to be female found at Puruni

The remains that were discoveredThe skeletal remains of a human were on Sunday discovered at Thomas Island, Puruni River, Region Seven. The remains are suspected to be that of a female.Based on reports received, a security personnel stumbled upon the remains while heading to an internet cafe to make a call. He however, reported the findings to the police on Tuesday.As such, officers were dispatched to the scene to conduct preliminary investigations. It is presumed that the body was there for several weeks.Due to the present state of decomposition, the body was unable to be identified, only a brassiere was reportedly on the body an some amount of flesh.The police are making checks to determine if a missing person’s report was made of recent.A police source confirmed that no such reports were made.However, police are continuing their investigations.A postmortem examination is expected to be performed on the remains to determine the cause of death.This publication was informed that investigators will continue to question people in the area with the hope of getting a breakthrough with respect to the identity of the remains. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedPolice question ECD man in connection with human skeleton found at PuruniJuly 15, 2018In “Crime”Miner remanded for alleged murder of ex-loverJuly 24, 2018In “Court”Court grants 72 hours extension to detain husband, accompliceMay 23, 2016In “Crime” read more