Baby boomers across Canada are buying up in housing not down, according to Steve Garganis, a mortgage broker. He told the Toronto Star that many boomers are hoping to cash in on the expensive homes years down the road, right before they retire.
Those in the Toronto area should consider self storage, to free up space and avoid cluttering their home by keeping valuables or seasonal items in secure storage units.
“They’re [boomers] pulling away from other investments that have not performed well and they’re saying let’s look at real estate, but from a long-term perspective with record-low interest rates," Garganis told the news source. “They’re thinking even if there is a downturn in the market, they’ll ride out the ups and downs over the next 10 years but they’ll build up equity faster.”
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