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Originally Posted by blankall
I see this everywhere. A friend's parents just recently upgraded to an even larger house with four extra bedrooms.....It's baffling to me. Now that real estate has gone up in price, it's a great time to sell and downgrade. The extra equity can be invested, and boomers could live pretty great retirements, rent/mortgage free, while also bringing in investment income. Most boomer couples selling their primary home could probably afford a really nice 2 bedroom condo in the neighbourhood of their choosing, then use the investment income to go on a fancy trip or two every year, without digging into the capital.
Instead, the norm just appears to be have 2 extra bedrooms designed for children in your house that will almost never get used. After a certain age, what use are you getting from your yard, that you couldn't get from visiting a nearby park?
I guess it's just an ego thing. Boomers don't want to accept having to move into a retirement home. Maybe change just becomes too difficult.
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I live in a suburban community with a lot of older people. People around here become very attached to their neighbourhoods. Many older residents have been here 30+ years and rarely venture more than a couple km from their homes once they retire. They like their space. The quiet. The privacy. Their yards and gardens. The familiar stores. Few would have any enthusiasm for selling and moving to a different, higher-density part of the city.
A more welcome option might be building townhouses and condos in the suburbs where seniors already live. A complex is being constructed at the Oakridge Co-op, and I expect the units will sell fast (if they aren’t sold out already).