Housing market weakness means stress for boomers considering whether to downsize in retirement

As ever, the story on housing prices is best told on a city-by-city basis. Vancouver sales hit a 33-year low in March and the benchmark price fell 7.7 per cent on a year-over-year basis. Sales in Toronto were flat, while prices edged up marginally. February data for other cities showed Calgary, Edmonton and Halifax were down, Winnipeg was up a bit and Ottawa, Montreal and Saint John were strong.But there are national trends that can’t be ignored.

The positive spin on home prices is that mortgage rates have pulled back a bit from recent highs and are still cheap if you judge on a long-term basis. You can still find five-year fixed-rate mortgages around 3 per cent, which is a big help in the expensive markets in and surrounding Toronto and Vancouver.

Another benefit of staying put in the family home is that you don’t need to be a real estate market watcher. You’ll most likely sell your home way in the future because it’s too big a burden and move into a retirement community or long-term care facility. Your move will happen when it happens.

globemoney WELL I GUESS ITS A STRESS FOR 'CHINESE LAUNDERED MONEY IN CANADA HOUSING CASINOS BUSINESS ETC!!', I MEAN CANADIANS CANT AFFORD HOUSING AS IS AND 'LAUNDERED MONEY!'| HAS AFFECTED CANADA ECONOMY SO IF THEY DECIDE TO PULL 'LAUNDERED MONEY OUT OF CANADA' GUESS THEN CANADA'S ECONOMY

globemoney Rent your children’s bedrooms to those who can’t afford full rent and get some help around the house at the same time during your golden age. 😉

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