What is The Grey Tsunami?
It was recently documented in Stats Canada that approximately 50% of Canada’s population is over the age of 50. These demographics are made up of two components – Baby Boomers (aged 57 to 75) and Seniors (over 76). Baby Boomers make up over 30% of the Canadian population and control a large portion of the country’s wealth. Boomers have changed the face of North America for over 70 years, and are commonly referred to as the Grey Tsunami.
What Does It Mean?
Unfortunately, Ontario is not prepared for this necessary housing and services that the Grey Tsunami is going to need in the near future. It is impossible to build enough appropriate housing for our aging population.
Because of this need, Sound Lifestyle recognizes the importance to prepare now before all Baby Boomers enter into the retirement age. We know that we cannot build enough on our own but hope to raise enough awareness in our local communities to help our aging population live and age comfortably in living environments that are designed to specifically for retirees.
The Numbers Don't Lie
The graphs below show the number of people (aged 45 to 84) living in Owen Sound in 2017 and a projection of what these stats will look like in 2027. The blue bars on both graphs highlight the bulk of the population who needed housing accommodations in 2017 and who will need accommodations in 2027. As you can see there will be many more Boomers needing appropriate housing in 2027 than what Seniors needed back in 2017.
Where will you be when this wave comes to shore?
If we break it down year-by-year, there will be approximately 500 Boomers entering into this age group every year just in Owen Sound. As a result of this shortage, the value of retirement housing will significantly grow over the next 20 years. This is the best investment a person can make with a growth rate of at least 10% each year. Can you get 10% with your RRSPs?