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80% of Canadian Boomers Choosing Renos Over Moving

TORONTO - A new study finds that some 80 per cent of Canadian baby boomers plan to stay put in their homes in the next five years as a majority consider their local housing market unaffordable for retirement.

The Leger and Royal LePage survey of 1,000 Canadians aged 54 to 72 suggests that six-in-ten boomers are opting to renovate their current house rather than buy a new home.

That leaves some 17 per cent or 1.4 million boomers planning to buy and sell homes in the next five years.

It finds about half of boomers plan to downsize, but there is no trend toward a single type of home they plan to buy.

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