Fancy Apartment Rentals for Paris Olympics See Poor Demand and Price Cuts
Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Dec 5, 2017
BNN Bloomberg
While millennials struggle to gain a toehold in some of Canada’s priciest real estate markets, baby boomers who have profited from rising property prices are demonstrating a desire to give the next generation a helping hand.
A new survey released on Tuesday by Sotheby’s International Realty and Mustel Group shows six in 10 (61 per cent) urban baby boomers living in Toronto, Vancouver, Calgary, and Montreal say their investments in real estate have fared better than other investments. And despite a wave of measures by various levels of government and among regulators, almost half (47 per cent) of urban baby boomers expect more outperformance in the next half-decade.
And that confidence is translating into so-called living inheritances to facilitate home ownership for next-generation family members.
“Baby boomers affect the Canadian real estate market on multiple levels: as direct consumers who drive housing demand and product mix, as arbiters of market confidence, and as indirect influencers through their financial support of next generation home buyers,” Brad Henderson, president and CEO of Sotheby’s International Realty Canada, said in a release.
Here are some of the highlights from the survey: