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Canadian Home Prices "Need" To Be High To Pay For Retirements: PM - Better Dwelling
(betterdwelling.com)
this post was submitted on 30 May 2024
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If you need to have a home to afford to retire;
And most young people will never own a home;
How do we expect this to play out?
I think what's being said is: if housing prices lower, you are going to ruin some people's retirement plan -- at least some of those people will have worked hard their entire life to purchase and pay off that house. There's been some incentive to save in this way as well (first time home buyer plan, tax deductions for more ecologically sound houses, that kind of thing).
I suspect he's probably right, that letting house prices drop would over all make things worse in Canada. My goto solution would be to subsidize housing by increasing taxes on corporations and people/corporations that own more than one house. but i'm not any kind of expert
If I stay in my house for my retirement, why would I care how much it is worth? I would only care about monthly costs like energy or insurance, what am I missing?
@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 βhomeβ before death. Some retirement βhomesβ are charging $60,000 year.
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.
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.