Navigating the Housing Squeeze: Why Downsizing Could Be the Smartest Move for Baby Boomers in the GTA and Hamilton

With affordability challenges reaching new heights, homeownership is becoming increasingly out of reach for younger Canadians. In fact, a recent survey by CPA Canada and BDO Debt Solutions shows that 32% of prospective buyers cite saving for a down payment as their biggest obstacle, while 30% point to high mortgage payments as their primary barrier. In booming markets like Hamilton, Burlington, Oakville, and the rest of the GTA, those numbers are likely even higher.

And while much of the media focuses on the struggles of first-time buyers, there’s a crucial opportunity—and responsibility—for current homeowners, particularly baby boomers, to take stock of their real estate portfolios.

If you’re a homeowner who purchased your property decades ago, chances are your home has appreciated significantly. You may be living in a space that no longer suits your needs—whether it’s too much maintenance, too many stairs, or too much space now that the kids are grown. With today’s financial climate, downsizing isn’t just a lifestyle choice—it can be a smart financial move.

At Riddell Real Estate - Re/Max Escarpment Inc., we understand the emotional and logistical weight of selling the family home. We're here to help baby boomers make this transition with clarity, confidence, and compassion. Whether you're eyeing a cozy bungalow, a low-maintenance condo near amenities, or just want to cash out some equity to support retirement goals or family members, we’ll ensure the entire process is smooth, strategic, and stress-free.

With the average home price in the GTA still hovering well above $1 million, many younger buyers are leaning on financial support from their parents—31% according to CIBC’s 2024 data. This means your real estate decision can ripple through generations. By downsizing strategically, you not only simplify your own life—you may empower the next generation in your family.

While new programs like the First Home Savings Account (FHSA) and 30-year amortizations aim to help new buyers, they don't address the deeper imbalance in the market. That’s where experienced, local guidance becomes essential.

Riddell Real Estate - Re/Max Escarpment Inc. specializes in helping long-time homeowners navigate uncertain times with confidence, empathy, and personalized service. In a market that’s anything but predictable, having the right advisor makes all the difference.