Times are still tough in Canada, causing many to downsize and keep items in storage. However, a new report suggests that baby boomers across the nation may soon be inheriting a lot – $1 trillion – from their parents, Moneyville reports.
According to the source, boomers were born to parents who had survived the second World War, which made the elders smart savers after suffering through such difficult times. Because of this, many experts believe that boomers will see a lot of wealth after their parents pass, either through real estate or a sum of money because of their parents' simple lifestyles.
"Many of these people own their homes and the value has gone up significantly," Benjamin Tal, deputy chief economist at CIBC World Markets told the publication. "I think much of that transfer will go to the children of baby boomers. At this point, the fear is that baby boomers will be more conservative with their investments and will stay away from the stock market because of their proximity to retirement age. But with this, they will have more money to play with, and some of it will probably go to stocks."
Those set to inherit wealth from their parents might finally be able to get their dream house or make the renovations to their current abodes. Others who won't be inheriting such lavish gifts from their parents are still using self storage to keep what they were given, SelfStorageBlog.com reports. The news source suggests that as parents grow older, they tend to want to move into smaller homes that are easier to take care of. During this time, they often give away valuables to their own children and grandchildren, but many don't have enough room to keep the trinkets right away, making affordable self storage in Toronto or other areas around Canada a must.