Quote:
Originally Posted by supafamous
2. It's hard to downsize and stay in the same neighborhood and staying in the same area when you're old is really valuable - learning new routines can be really hard. Even remembering directions to the store become a challenge with age - they become lost much more easily.
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Took a browse at what my parents could downsize into in their area and it's not great. A 2 bedroom condo in their area runs between $700k-1m like this one:
https://www.rew.ca/properties/501340...erty_click=map
That one has a strata fee over $600/mo as well. Most of the options are right on a main road like Kingsway which is a shitty way to live.
They could sell their house for $2m and then spend half of it to buy a 2 bedroom that's less than half the size of their current home and is on a busy road. They'd lose most of their ability to have guests over (the grandkids will have no place to sleepover and they can't host their out of town guests anymore). They lose their deck and their garage and yard.
I mean, unless they're in deep financial trouble or have serious mobility problems, why would they do it?