New REMAX Canada research suggests a long-term "downsizing wave" could be on the horizon in Canada's housing market, as the aging population looks toward the future and cosniders their next move. According to a 2024 Statistics Canada report, approximately 7.74 million Canadians are over 65 right now, accounting for almost one-fifth of(18.9%) of the total population. By 2030, this number will increase to almost 25%. This aging demographic is expected to drive a downsizing wave, as more older homeowners consider how adn where they want to age. While this shift may not create a sudden surge in listings, it has the potential to change the housing landscape, reshaping the types of homes coming to market and creating new opportunities for younger Canadians.
49% of Canadians report low availability of downsizing housing options in their communities, with an additional 8% indicating no availability. Perceived cosntraints are more pronounced among older Canadians, with 65% of those aged 65 and over reporting low or no availability.
10% of Canadians surveyed plan to move to a smaller home in the next 10 years.
16% of Canadians aged 65+ plan to downsize to a smaller home in the next 10 years.
46% of the 65+ age group plan to remain in their current home.
Among those considering downsizing, 73% expressed concern about their housing options, including 32% who said they are "very concerned."