Canada has a Real Estate (or Retirement) Crisis: Globe and Mail

#canadarealestate #housingaffordability #canadianeconomy

Canada faces either a real estate affordability crisis, or a retirement crisis – a ‘Sophie’s Choice’ for policymakers – this according to a new report from the Globe and Mail.

Links:

The bitter truth is that cheaper housing means a retirement crisis for homeowners:

https://www.theglobeandmail.com/business/commentary/article-housing-prices-retirement-plan-middle-class/

Why Toronto’s slow real estate market could mean fewer seniors selling their home to downsize:

https://www.thestar.com/business/why-torontos-slow-real-estate-market-could-mean-fewer-seniors-selling-their-home-to-downsize/article_d680a83c-d302-4df7-b1e4-868b8f16b909.html


Hidden risks for Canadians planning to downsize their retirement:

https://financialpost.com/personal-finance/retirement/hidden-risks-canadians-planning-downsize-retirement

‘I might never pay it off’: The new reality of retiring with debt in Canada:

https://money.ca/retirement/retirement-with-debt#survey

Retiring in debt: Canadians face new mortgage reality:

https://www.discoverairdrie.com/articles/retiring-in-debt-canadians-face-new-mortgage-reality

More Canadians are relying on a home to fund their retirement despite the risks:

https://financialpost.com/personal-finance/retirement/canadians-relying-home-fund-retirement-despite-risks

Relying on property to fund retirement a riskier strategy than it was:

https://www.wealthprofessional.ca/news/industry-news/relying-on-property-to-fund-retirement-a-riskier-strategy-than-it-was/389479

Why downsizing isn’t a given for today’s retirees:

https://realestatemagazine.ca/why-downsizing-isnt-a-given-for-todays-retirees/

Dog days come early for Toronto homesellers:

https://www.theglobeandmail.com/real-estate/toronto/article-toronto-homesellers-real-estate-buyers-brokers/

Table: Voter turnout by age group:

https://electionsanddemocracy.ca/elections-numbers-0/table-voter-turnout-age-group

Supply is the only cause and solution to Canada's housing woes — it's time to be bold:

https://financialpost.com/real-estate/supply-is-the-only-cause-and-solution-to-canadas-housing-woes-its-time-to-be-bold

The new real estate reality for retirees: Exiting the workforce with mortgage debt:

https://www.royallepage.ca/en/realestate/news/the-new-real-estate-reality-for-retirees-exiting-the-workforce-with-mortgage-debt/

First-time homebuyers in Ontario are getting older, and fast:

https://www.theglobeandmail.com/business/article-first-time-homebuyers-in-ontario-are-getting-older-and-fast/

Why aiming to achieve pre-COVID housing affordability levels makes sense:

https://www.cmhc-schl.gc.ca/observer/2024/aiming-pre-covid-housing-affordability-levels-makes-sense

Time to rethink home equity-based retirement plans?:

https://www.wealthprofessional.ca/news/industry-news/time-to-rethink-home-equity-based-retirement-plans/329911

Ottawa to expand 30-year amortizations, raise insured mortgage cap:

https://globalnews.ca/news/10757723/ottawa-to-expand-30-year-amortizations-raise-insured-mortgage-cap/

Canadian Banks Are Propping Up Toronto’s Crumbling Condo Market:

https://www.movesmartly.com/articles/canadian-banks-are-propping-up-torontos-crumbling-condo-market

Posthaste: Canada home prices are heading into correction territory:

https://financialpost.com/news/canada-home-prices-correction-territory

Mark Mitchell – Mortgage Broker London Ontario
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