this post was submitted on 29 May 2024
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Trudeau says housing needs to retain its value (www.theglobeandmail.com)
submitted 7 months ago by SamuelRJankis@lemmy.world to c/canada@lemmy.ca
67 comments fedilink hide all child comments
 

In case anyone still wants to somehow debate whether the Liberals will deliver affordable housing.

“Housing needs to retain its value,” Mr. Trudeau told The Globe and Mail’s City Space podcast. “It’s a huge part of people’s potential for retirement and future nest egg.”

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[–] otp@sh.itjust.works 33 points 7 months ago (2 children)

I don't get what the point is except for investors.

People using it as a "retirement holdings" might try to sell and then find they can't afford to live anywhere in retirement.

People saving property to leave an inheritance have kids waiting for their parents to die so they can afford a home to own.

[–] xmunk@sh.itjust.works 19 points 7 months ago (3 children)

Actually, w.r.t. to retirement savings it can be valuable as a lot of the better assisted living arrangements will require an upfront payment of hundreds of thousands of dollars for unexpected expenses along with a regular rent expenditure.

This is arguably an awful way to finance elder care and doesn't justify making housing unaffordable but that stored value is useful if you think you'll need assisted living.

[–] otp@sh.itjust.works 7 points 7 months ago (1 children)

Ah, that's fair. I didn't consider assisted living!

[–] xmunk@sh.itjust.works 7 points 7 months ago

Hey, no worries... I've been getting deep in the weeds on this one as my mom is in her eighties and trying to decide how to allocate her savings for her EOL.

[–] Someone@lemmy.ca 3 points 7 months ago (1 children)

It really sounds like the issue there is just another subset of housing (un)affordability.

[–] xmunk@sh.itjust.works 3 points 7 months ago (1 children)

Oh, definitely... and the consolidation of assisted living into fewer and fewer PE firms should scare the shit out of everyone - but it is important to remember that a few people would be screwed if the housing market suddenly collapsed... that said, we absolutely should deflate this market - we just need to consider some fixes for the house-wealthy cash-poor older folks who might be really fucked by this.

[–] Someone@lemmy.ca 1 points 7 months ago

Yeah, I do think the assisted living industry would be forced to adjust though. It's not like the real estate market in general, if the majority of their potential buyers simply don't have enough money it's not like they can pivot to other demographics or attract wealthy people from outside the country.

If things aren't corrected, it won't be long before a whole generation of new seniors is cash poor with no house to sell.

[–] SamuelRJankis@lemmy.world 3 points 7 months ago* (last edited 7 months ago) (2 children)

then find they can’t afford to live anywhere in retirement.

I think the plausible circumstance is them selling and moving out of Canada, really it's the logical thing to do when you destroy the eco system you inhabit for gains. Then the money also gets spent out of Canada, we might spend less on healthcare cost for the elderly but I could see the math working out to be a net loss.

[–] villasv@lemmy.ca 3 points 7 months ago (1 children)

I think the plausible circumstance is them selling and moving out of Canada

Or moving to SK

[–] jadero@lemmy.ca 6 points 7 months ago

Or moving to SK

Same thing. (Or was that the joke?)

Lifelong SK resident.

[–] voluble@lemmy.world 2 points 7 months ago (1 children)

How? What country is going to jump at the chance to take in a 70 year old immigrant?

[–] SamuelRJankis@lemmy.world 3 points 7 months ago

The countries people like going to is Mexico, Costa Rica, Portugal, Vietnam, Thailand off the top of my head. They're pretty happy to take retirees with money.