“From my field of cronies I can state that most don’t have defined pensions anymore and are expecting to live off “their equity”, as most of them put it.”

“As an aging individual I feel I can make a purely anecdotal comment on “boomers moving to Vancouver”. From my (limited) field of cronies I can state that most don’t have defined pensions anymore and are expecting to live off “their equity” as most of them put it. The ones that have loaned or gifted their adult children down payment money tend to regret it since that is money that will never be available for lifestyle needs of mom and dad. No one is moving to Vancouver to downsize – they may be moving down here for access to better medical care but that’s about it. As well, many boomers have had to look after their own adult parents and have discovered that elder care is extremely expensive, even getting a part-time caregiver in to help with chores runs about $20.00 per hour. The other fly-in-the-ointment is that many of the boomers parents did downsize and stay in Vancouver so one generation back the family home was sold, mom and dad moved into either an apartment or facility so there is very little equity left to leave to boomer parents, who in turn, will have little left to leave to their children.”
Observer at VREAA 5 Jun 2012 7:57am

“I can add that both my inlaws and a friend’s Boomer parents cared for their elderly family using sales of “the family home” on the West Side of Vancouver. Both are retiring away from Vancouver, because Vancouver is too bloomin’ expensive. My mother will also retire away from Vancouver.”
Absinthe at VREAA 5 Jun 2012 1:13pm

7 responses to ““From my field of cronies I can state that most don’t have defined pensions anymore and are expecting to live off “their equity”, as most of them put it.”

  1. A friend sent me this: http://www.realtor.ca/propertyDetails.aspx?propertyId=10713243&PidKey=-55804468

    It has been for sale for about 2 years, all the time with the same realtors. No offers. (The view is from a higher floor, btw)
    There is an identical condo for sale in the same building, two levels above, asking $100k less. No offers there either.

  2. http://www.bloomberg.com/quote/BBCX:IND

    equity, as in ‘stocks’? link above is to Bloomberg’s British Columbia Index.
    Looks bearish to me… a long slow decline, with garden variety short squeezes.

  3. Ralph Cramdown

    When I was growing up, this is what I thought everybody did… Worked and saved, retired and lived off their savings, died nearly broke, and became worm food in a marble orchard.

    When the media talk about senior poverty, it seems they focus on income rather than assets. I don’t want to be subsidizing someone who cries poor because he or she only has an income of $20,000/yr but is living in a paid up house worth 1/2MM+. That’s a misallocation of capital which I don’t want to amelioriate just so the kids can inherit.

    • Renters Revenge

      Yes. We need to shift taxes away from income and consumption and onto land value. Solves a lot of problems related to property speculation.

  4. I’m considering Bellingham for retirement. Think about it. Nice houses for 300k. Health insurance is 175 per month.

    • You won’t find decent health insurance in the USA for that price in your 60’s and beyond. But if things really head south, just come home asap as a “medical refugee” (as we call them in the hospital). You would be surprised (and shocked as a Canadian taxpayer) how much treatment we give away to “foreigners” in this country.

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