Baby boomers are looking to simplify their lives and reduce costs by downsizing their home according to research from Harmony Village.
Their research has found that 60% of Ontario homeowners 50 years and older plan to downsize in the next five years.
Reasons for downsizing include cost of living,
reducing maintenance work and a desire to travel. A majority plan to use surplus cash to help finance retirement.
Nearly 50% of respondents would consider downsizing to a condo or apartment unit.