Quote:
Originally Posted by UFO
It's great you and your sister are chipping in. It's good you feel obligated to help out, but at the exact same time maybe they are feeling obligated to help you and your sister out because of the current conditions. But consider this do your parents really NEED you to take care of them? If you and your sister moved out, it would allow your parents to downsize and cash out on the current house to tide them over until they can access their RRSP's and then some.
I think the whole kids are staying at home longer may be true but only to a minor extent, the media is blowing this out of proportion IMO just like how many believe that the Chinese mainlanders are the ones controlling the local real estate pricing.
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I woulnd't call downsizing exactly a good idea. Right now we rented out the basement for around $850 a month. if they were to downsize to say a duplex or a townhouse they won't be abel to rent out any parts of the house so no income in that sense. Not to mention with interest so low downsizing and getting cash seems a bad idea. As the old chinese always say is a must to be a roof under your head.
Real estate might go down but it will always come up (at least looking at the trend).