World Business News

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Seniors help drive city’s condo boom: Edmonton, Canada

Zone(s): Canada ¦ Sector(s): Housing, Seniors

[27 June 2014, Edmonton Journal] By Gary Lamphier, From Edmonton, Canada: Young professionals with a taste for downtown nightlife aren’t the only ones driving Edmonton’s impressive condo boom. Some buyers are empty- nesters who see downsizing as a way to free up cash, often for travel. For them, condo living is part of a major lifestyle change.Then there’s a third group: those in their 70s or 80s who can no longer maintain their own homes due to physical limitations. For them, moving into a condo is a matter of practical necessity. Even so, it’s a gut-wrenching decision for many, who fear losing their independence.