Boomers to Heat up Condo Market

Recent studies conducted by Harmony Village indicate that the condominium market will be seeing an influential boost from Ontarians looking to retire in the next five years.

As the boomer generation starts looking to downsize their homes, project managers at Harmony Village started asking why. Results from polls and surveys they conducted revealed the seniors’ priorities, reporting 81% of participants stated they want to reduce maintenance work and 80% said they were hoping to lower living expenses. Increasing their ability to travel was also a popular reason, with 60% agreeing that it’s an important incentive for downsizing. About 54% said they planned on using the surplus cash to help finance their retirement.

We met up with Jawad Rathore of Fortress Real Developments who told us that “Nearly 20% of condo buyers are seniors,” which makes them an important demographic to take into account, “they’re top buyers as well, because houses are too big for them, it’s not efficient. A lot of their resources are tied up, a large part of their net worth is their home. The ability to downsize allows them to access a ton of equity.”

What also became apparent was that even as the condo market across the GTA continues to prosper, there are very few developments that adequately meet the needs of this particular demographic. But Rathore is confident that with the first launch of Harmony Village at Sheppard and Warden, just a couple weeks away, the standard of senior living is about to change.

Welcome to Harmony Village

What typically comes to mind when you think of a ‘senior’s community’ condominium is nothing like Harmony Village… Unless you think of a place where programs and amenities are specifically designed to cater around community interests.

“The difference with Harmony Village is that it’s meant to create a community,” said Rathore. “The concept is so simple, but so different, I can’t believe no one’s ever done this.” With life expectancy rates higher than ever before, seniors are a lot more active and lively than in the past. “They’re looking for things to challenge themselves physically or mentally,” said Rathore, before describing the list of culinary classes, wine tasting events, swimming and fitness lessons designed around their needs; there will always be something to do at Harmony Village.

Eagerly providing selfless examples of his own parents who have always put their children’s interest ahead of their own, Rathore says that Harmony Village encourages this hard-working generation to make retirement about enjoying themselves and indulging in activities and interests that they have always loved. He said that Harmony Village is a unique concept because “it’s about them.”

If this wonderfully planned community has you convinced, make sure to attend the launch for Harmony Village at Warden and Sheppard on March 22.

Register online for updates on the Barrie location, which is set to launch in the fall.