Frozen waffles from Whole Foods join Canadian recall list over listeria concerns
Whole Foods Market is joining the growing list of brands whose frozen waffles have been recalled in Canada this week because of possible listeria contamination.
A majority of the wealthiest millennials 鈥 those with a household income of more than $250,000 鈥 are expecting their parents to move in with them in the future, with a sizable amount already responsible for the care of at least one parent, according to a .
Published by Engel & Volkers, a German-based real estate company, the report surveyed 1,700 people across Canada and the United States in order to assess trends among luxury home sellers in 2021 and 2022. Eleven per cent of respondents were from Canada.
Based on the report, 80 per cent of the richest millennials believe their parents will move in with them in the future. About a third of this same group of respondents said they are already responsible for caring for one of their parents, and 16 per cent said their parents are currently living with them.
Matt Smith, broker of record at Engel & Volkers in Parry Sound, Ont., said that while Canada鈥檚 luxury real estate market has been seeing a number of adults living with their parents, this trend has recently picked up speed, largely due to the pandemic.
鈥淥ne of the reasons is affordability,鈥 he told CTVNews.ca in a phone interview on Wednesday. 鈥淵ou're having different generations in the family combine their assets and combine their capital to be able to afford something that the whole family [of] different generations can live in.鈥
Smith described this not only as a good way for families to save money, but to accumulate wealth in the long run as well.
鈥淚f somebody is living in a million-dollar house and the market goes up 10 per cent, they made $100,000. But if you're in a $4-million house and the market goes up 10 per cent, that family just accumulated another $400,000 in wealth,鈥 he said. 鈥淚t's the same percentage, but the actual dollar amount is much greater.鈥
He also pointed to other factors at play, such as travel restrictions that have made it difficult to visit relatives in other parts of Canada or the world. There have also been concerns over conditions in long-term care homes, said Smith, leading younger luxury homebuyers to avoid seeking out this type of care for baby boomer relatives if they can.
鈥淭hey're all kind of looking at a backup plan for mom and dad,鈥 he said.
WEALTHY MILLENNIALS IN SEARCH OF BIGGER HOMES
In terms of how this translates to luxury real estate market trends, Smith said there鈥檚 been greater desire among these buyers for more room. In their next house, 73 per cent of luxury homesellers said they are looking for more bedrooms, for example. A luxury home is considered to have a price tag of $1 million or more.
鈥淭here's definitely a greater demand for space,鈥 he said. 鈥淣obody's looking to downsize right now, everybody's looking for bigger homes, whether it's bigger square footage or more bedrooms.鈥
Looking specifically at Ontario鈥檚 luxury real estate market just five years ago, not many properties could support 10 or 12 family members living together, said Smith. But this trend is something people can expect to see more of in the province.
鈥淚f you look at the growth from along [Highway] 400 heading north, the properties are getting bigger and the actual square footage of the homes are getting bigger,鈥 he said. 鈥淵ou take a quick drive up to King City now, and that is the norm, some 50 micro mansions all over the place.
鈥淚t's very common and we're expecting that to grow from Toronto outwards.鈥
This is also leading to a search for more amenities, another major trend Smith expects to see continue in the new year, with a greater desire for home gyms, office space and other recreational amenities such as swimming pools or tennis courts.
鈥淭hey want to contain all these things so they have the ability to do them within their own home,鈥 he said. 鈥淭hey don't want to be dependent on the outside world for additional space or amenities, they want to bring it all under one roof.鈥
YOUNGER HOMESELLERS EXPECTED TO DRIVE NEXT YEAR鈥橲 LUXURY MARKET
The trend report also shows that younger generations are projected to sell more homes next year than baby boomers. Eighty per cent of luxury home sellers next year will be millennials and gen-Xers, adults between the ages of about 20 and 55. A large part of the reason for this has been pandemic lockdowns driving this demographic to look for a change of scenery, said Smith.
鈥淢illennials [and] gen-Xers, they're notoriously transient people [with] the very nomadic lifestyles that they live,鈥 he said. 鈥淭hey're not a generation that likes to stay still鈥hey like to travel [and] they're all about the experience.鈥
This can be seen in more of these wealthier adults looking to distribute their capital across different properties, Smith said. Instead of having all their equity in one place, they鈥檒l spread it out across two or three different properties, giving them the ability to travel. More than two-thirds of luxury home sellers said they own multiple homes. This driving force is likely to lead to a year with plenty of action in this market, he said.
鈥淚t鈥檚 anticipated to be a pretty robust year in terms of movement,鈥 said Smith.
Whole Foods Market is joining the growing list of brands whose frozen waffles have been recalled in Canada this week because of possible listeria contamination.
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