The Dog Days of August
The dog days of summer are coming to an end and we are literally on fire. A big thanks to all those working with a Pulaski in their hand these days.If you see them in the lineup at Tim’s or behind you in the drive through don’t hesitate to pay for their order to say thanks.
The summer of 1961 was particularly dry in Newfoundland and saw some of the largest fires in the history of a province that has its experience with major fires. An estimated 431,500 hectares (that’s just over 5% of the island) burned that summer with the Bonavista fire lasting for just over 3 months.
The province declared a state of emergency and Ottawa sent in 1000 troops to help fight the fires. The fire took away homes, sheds and countless commercial operations, taking away the livelihood of 1000 who made a living in the logging and forestry industry. 1961 was referred to as “The Summer the Province Burned”.
61 years later, in every province of the country fires are burning – is this the new normal?
Thanks Boomers?
Everyone is talking about lack of supply of housing, not enough new construction, allowing for more density, and reducing the GST for first-time buyers on new construction. Maybe we are looking at the wrong end of the housing market?Boomers' ages range from 61-79, born between 1946-1964. It is the generation of the white picket fence dream of owning your own home which many of them accomplished. They are now living their best lives in retirement with pensions supplemented by RRSP’s (introduced in 1957), TFSA’s, an ever increasing stock market, plus their home value is more than they ever imagined.
Why aren’t they cashing in? For numerous reasons, this group has decided not to downsize. Estimates are that 75% of boomers still own their home with less than 20% having a plan to move in the near term. They live in the area around schools and amenities that appeal to young families.
Will another extra floor on a new build on the peninsula, or in Bedford west with 1200 sq ft apartments motivate this group to move on from their family home in Clayton Park, Manor Park, or the North End. We aren’t suggesting we have the answer, however, we know in talking to Boomers they are looking for options and right now they aren’t there. Once we solve that issue, there will be more supply in areas for young families to live.
We recently completed an off-market sale of a north end property that our client had lived in since 1993. The Buyers are in their early 30’s. We are currently discussing options for homeowners who have lived in the north end for 40+ years. Everyone's sale will result in younger families moving into the north end close to schools, parks and amenities.
If you are a boomer looking for options or a first time buyer looking to live in these established neighbourhoods, reach out. The conversation is free and might get you moving!
Your fellow boomer, John Burt.
902.221.4880
jburt@avalonrealty.ca
