This Housing Problem Will Only Get Worse (York Region Real Estate Market Update)

[@MarkD-lp3km]

I would like to give you another option for the seniors with the paid off house, and want a bungalow. What about selling the house and put the money in something safe like a GIC. Then rent a bungalow. You never said how much the house is worth, but if it's over a million, the interest alone would pay for the rent, and I'm sure even more if the house is over 1.5 million. So they would live for free and get paid to live there.

[@davidhughes6048]

I’ve looked at that math. The problem is if you have any sort of other retirement income - OAS CPP, Pension, RRIF, non-reg etc - you’ll pay huge tax on the extra money you invest to pay your rent. Not moving is no more expensive for me and I don’t have to worry about the $100k it’ll cost me to sell, move etc. and no one can sell the rental house on me or renovict me etc.

[@MarkD-lp3km]

@@davidhughes6048 even with taxes, it would pay most of the rent. Don't forget they would have over a million cash. Plus all the other benefits you mentioned. The big one is they would have all the cash available to them.

[@davidhughes6048]

@@MarkD-lp3km Yeah, I just did the numbers for myself and decided that all else being the same, it didn’t make sense to add 60k worth of income to my retirement income as it would be worth ~40k after taxes which wouldn’t provide me the same benefit as just leaving ~$1.5m of equity in place in my house. Also, I am not exposed to investment or interest rate risk. YMMV. If you try to get more than 4% these days you are taking on more risk than I would want to if my shelter costs depended on it. That said, houses are expensive to maintain, so there is that. Lots to recommend renting. But not yet for me. Cheers.

[@katethegardener]

Problem for me personally is moving once as a senior is going to be a HUGE ordeal. Stress can cause aggravated health issues and even worse. So seniors want to downsize once, get it done and then relax. I would never choose to rent it's just too stressful when you are aged to move more than once.

[@PastelP-b4u]

could work for minimalists if you are prepared to move regularly. i n BC renters outside of corporate apartments tend to get landlords use evicted every cpl years. I meet renters who need a house for kids/pets who have moved 4-5 times in 7 years from landlords use.. Most boomers I know have heaps, and heaps of hobbies/collectibles and stuff, I wouldn't want to move once, never mind being prepared to do it multiple times at that age and keeping that much stuff.

[@PastelP-b4u]

I warned my mom years and years ago, if you want a bungalow do it now and not before all your peers want to downsize into them at once. didn't listen and complains about the stairs. almost everyone of any age loves a good bungalow, they're just so nice to live in, tend to have beautiful shaped yards for gardening and enjoying the yard Builders and municipalities esp in the 416 and GTA just kept building crappy human sized crate condos, and monstrous houses on lots too narrow with too many stairs for yrs instead. and some of the new homes marketed to seniors have condo/hoa and most people I know would have bought a condo if they were ok paying monthly fees forever and having a board telling them what they're allowed to do in/with their property. I live in a small one, best layout ever. got sick a cpl yrs back and have no idea how I would have managed if I was still in a place loaded w stairs, I would have been stuck on the basement entry level. now my dog is ancient and needs to be carried on stairs so the home is accessible to him too

[@debbierolland4931]

Ran into a similar situation when I sold my house and bought a townhouse! Townhouse cost almost as much as my house. Thought I’d make a sizeable profit downsizing from a house to a townhouse but no such luck.

[@julies3490]

Bungalows really are wonderful when you have a mobility issue, but understandable that they haven't been cost effective to build in the GTA.

[@TruuthMan-1]

I do like your videos. You bring up some real life challenges and difficult choices that people have to make. Unfortunately, Ontario. is weird. In Montreal the have so many duplexes, triplexes and quadplexes that if you owned the full unit, y0u could down size to one of your smaller units and rent out the rest. Usually the main unit has a ground floor unit and a basement. then theres a bachelors /basement unit. and 2 units above the ground floor unit. Ontario has been kind of backwards in some ways and advance in other ways in terms of housing design.

[@kikizozu]

They do have lift chairs to get you upstairs

[@fadikifuta]

What if they bought a condo but the condo fees were higher than their pension?

[@katethegardener]

That's exactly the issue.

[@shabbirahmad9888]

Great

[@abhinavgaur13]

How come a larger home in a same neighborhood is less costly than a small house (bungalow) ? Is it because the bigger house was older and bungalow (smaller house) was newer ?

[@katethegardener]

No it is demand. Boomers are aging and we want to be near our kids in same community and there is a big demand for it.

[@YusufMullan]

I’d say 80% of the value is the land so the structure if it’s older is sort of negligible… this is why the bungalow isn’t significantly cheaper.

[@BlagoP]

Single floor semi-detached is what they should be looking at.

[@jeffotoole4509]

They need to go into a condo. The family has to push them into that. There is no glory in a daily struggle to live in acceptable and functional housing. People need to reflect much more.

[@louismartin4446]

Santo you repeat yourself….if you ket your vids to 5 min, you would double your viewers….:parla poco, dite tanto

[@sukhjitsingh8269]

you cannot explain the situation and give the weekly update in 5 minutes, Been watching santo since he started, really genuine and a great person with awesome contant. appreciate the information!

[@jamesimcb]

Longer videos provide better monetization.

[@louismartin4446]

@@jamesimcb not if people don’t watch

[@kjeffers808]

I think its the developers who are driving up the price of bungalows due to their large lot sizes