Montreal baby boomers not ready for apartment life

Even though they are getting older, most boomers in Montreal continue to live in their homes, according to a recent report by the Canada Mortgage and Housing Corporation (CMHC). Contrary to an assumption often conveyed, there is no marked return to the rental market among 50 to 69 year olds in Montreal.

Between 2006 and 2016, CMHC data indicates that the proportion of renters increased by only 0.3% among baby boomers aged 65 to 69 (born between 1947 and 1951), at 36.8%. %. The 60 to 64 year olds (born between 1952 and 1956), the proportion of renters decreased by 1.1% to 36%. Among the 55 to 59 year-olds (born between 1957 and 1961), the decrease is 2.2% to 34.9%, while it is 35% a decrease of 4.8% for those aged 50 to 54 (born between 1962 and 1966).

"To date, Montreal's baby boomers have not made a significant comeback in the rental market. Moreover, although some baby boomers decide, as they grow older, to buy a condominium to reduce the size of their home, the data indicates that the extent of the phenomenon remains limited for the moment," stipulated in the report, Francis Cortellino, Chief Analyst at CMHC.

Montreal's baby boomers aged 65 to 69 are slightly more likely to live in a co-ownership, with the proportion rising from 14% to 20% (+ 6%) between 2006 and 2016. For younger baby boomers, born between 1952 and 1966, the increase is about 5%.

CMHC notes that baby boomers who are still homeowners mostly own houses, although those who live in condominiums have increased slightly between 2006 and 2016.

According to Statistics Canada, the baby boom generation is made up of men and women born between 1946 and 1965.

To access the full study, click on the link below.