An individual's age largely dictates the type of home he or she wishes to purchase. Young adults, who are recently settled in their careers and looking to start families, typically wish to purchase single family homes with safe backyards and proximity to good schools. As these individuals age and their children move out, they often look to downsize their homes to relocate into condominiums, where they will enjoy a smaller mortgage payment and less-demanding upkeep.

Our Aging Community Increases Downsizing Demand

According to a report from The Observer, which evaluated data from Sarnia-Lambton's most recent census, our community's elderly population has continued to grow with a significant increase since the 2011 census, with residents 85 years and older comprising 2.8 per cent of the population. In fact, individuals 45 years and older make up more than half of our community. On the other hand, individuals between 25 and 44 years (those most likely to purchase single family homes) comprise only about 20% of the Sarnia-Lambton population.

The primary portion of our community is either retired or nearing retirement, which means most of the population is looking to downsize their homes. As the number of empty nesters increases, the demand for condominiums also grows.

In addition, the age at which most elderly individuals choose to enter retirement or nursing homes has also increased, with most moving in during their late eighties or early nineties. In other words, retirees and empty nesters are remaining in their downsized homes for a longer amount of time, which is also putting added strain on the supply of condos on the market.

There's No Time Like the Present to Sell Your Home

With our aging population, empty nesters and more and more residents looking to downsize, the Sarnia and Lambton communities are currently facing an inventory shortage with respect to condominiums. In other words, the present Sarnia-Lambton housing market provides an exceptional climate for sellers – especially those selling their condominiums.

A Sarnia Realtor From The Ryan Realty Group Can Help 

An agent with The Ryan Realty Group can connect you with potential buyers and help you get a fair price for your highly desirable property. Contact us if you are planning to sell a one, two or three-bedroom condo unit located in:

• The Seaway Centre
• First Sarnia Place
• Derby Lane
• Harbourfront
• Venetian Boulevard

For more information about what today's potential buyers are looking for or to list your property, contact our Sarnia real estate agent, Sean Ryan today.