Overview

• Seniors remain the demographic least likely to move, and steady declines in the over-75 sell rate since 1991 have depleted turnover at the top of the market.
• Many older homeowners resist relocating due to high moving costs, emotional attachment to long-held properties and a scarcity of suitable mid-density options.
• A November 2023 CMHC report confirmed that only a minority of older households downsize into condos or rental units, reinforcing seniors’ hold on large family homes.
• Toronto city council expanded sixplex zoning in some wards in June but left broader infill reforms subject to local opt-in, limiting potential new supply.
• Policymakers and experts are debating extending the first-time homebuyer GST waiver to downsizing seniors as well as broadening zoning to unlock underused homes for entry-level buyers.