this post was submitted on 30 May 2024
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Canadian Home Prices "Need" To Be High To Pay For Retirements: PM - Better Dwelling (betterdwelling.com)
submitted 7 months ago by [email protected] to c/[email protected]
39 comments fedilink hide all child comments
 

Canadian real estate prices have surged in almost every market, with a typical home price doubling in many regions. A median household in major cities like Toronto and Vancouver would need to save over 20 years for just the down payment, more than 3x the historic average. Seems absurd? The outlandish scenario was apparently a […]

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[–] [email protected] 2 points 7 months ago* (last edited 7 months ago) (2 children)

@Mkengine @karlhungus You are missing the high cost of aging in a retirement home/long term care facility. Because you retire in a home that you worked decades to pay off does not mean that will be your last “home” before death. Some retirement “homes” are charging $60,000 year.

[–] [email protected] 1 points 7 months ago

Assuming you're talking about a full service retirement home and not just a 55+ building $5000/mo seems like a good deal to me, at least from a BC perspective. You'd be looking at almost $2000 just to rent anywhere, you'd be lucky to have a meal cooked for you for $10, $20 if it's decent quality, that's another $900-1800/month. Once you consider utilities you're pretty close to what a new renter would be paying if they refused to cook for themselves.

[–] [email protected] 1 points 7 months ago

This is true. The idea that housing-as-asset is a gift to middle-class elderly is a false promise. The middle class elderly will have all their assets stripped by the old-age industry regardless of how their home appreciated while they owned it.