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.
“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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