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There are millions of empty nesters in Canada, and their numbers keep growing. But a key question remains: When, if ever, will those long-time homeowners downsize?

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Today, the main impediments to baby boomers downsizing are a lack of products that appeal to them, a financial system that rewards ownership with better tax breaks and age-old prejudices that keep them out of what is a growing rental market.

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Adrian Rocco, the founder and chief executive of Fitzrovia, is challenging that narrative by targeting this very group, and his company now has $11 billion in assets under management, focusing specifically on segments of the Canadian market that were traditionally owners.

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That approach includes building larger units and amenities that target young families, but the fertile ground of downsizing Canadians is also clearly on his radar.

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“We’ve made a big call on downsizers and young families,” said Rocco, whose rental communities target both groups in specific buildings. “One of the fastest cohorts today is older Canadians. In Toronto alone, households aged 55-74 have grown by 65 per cent over the last 20 years. And people are living longer and have home equity but increasingly choosing rental over home ownership.”

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The interest comes at a time when the rental market has softened. Average February asking rents nationally were $2,030 per month, a 2.8 per cent year-over-year decline and a 33-month low, according to Rentals.ca, but still high compared to historical levels.

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Rentals.ca has still only seen a two per cent jump in the past year in the proportion of prospective renters in the 55-64 category. That percentage is down 14 per cent for those 65 and older. Giacomo Ladas of Rentals.ca said that could just be the lack of suitable inventory.

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Rocco said that product is now coming to market, and that aging empty nester with a $2 million home in Toronto, is his target customer.

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“The biggest barrier to downsizing has always been product, historically,” he said.

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His buildings offer larger suites with amenities such as commercial-grade gyms, rooftop pools and co-working spaces.

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“Health and wellness are just too important, so we have cold plunges, saunas and spas,” he said. “But we have to have amenities for even grandkids to play in.”

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What he is trying to sell is a form of resort-style living, but the price is sure to set off a debate.

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The luxury end can cost close to $5 per square foot, with a 745-square-foot two-bedroom unit now renting for $3,300 per month in one of his buildings.

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This is when your realtor, in trying to convince you to downsize, will tell you that you are “throwing away money on rent” by paying $40,000 for an apartment.