Affordable Housing Amongst A Housing Shortage

The most affordable homes in Canada today are older existing homes.  Boomers own over 40% of Canada’s current homes, which are typically 3 and 4-bedroom homes being occupied by only 1 or 2 people.  

Retirees delaying moving to a more manageable home is one of the many reasons Canada is experiencing a housing shortage today. Once retirees move out of their existing homes, younger families can move in, which will alleviate some of the housing shortages Canada is currently experiencing.

There is also misinformation around rentals, suggesting that rentals are more affordable for boomers to retire in.   

While an older apartment without covered parking is ‘cheaper’ than purchasing a new customized home, the quality of living space in that rental is not as ideal.

The average cost in a newly built rental is approximately $2,500 – $3,500 per month.  Purchasing a new Sound Lifestyles home costs on average $1,200 per month in monthly fees.  This is less than half the cost of renting and is a higher quality living space designed exclusively for boomers.

Equity growth in housing, especially in purpose-built retirement housing, will result in a larger equity gain than a person can get in any bank investment.

In the end, the discussion is not about affordability.  Most boomers can afford any of the above scenarios.  It is about cost effectiveness and quality of lifestyle.

Choosing a Sound Lifestyles home is more cost-effective, holds more value over time, and comes with added home ownership support.

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