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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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@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 “home” before death. Some retirement “homes” 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.