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IamGimli

join:2004-02-28
Canada
kudos:2
reply to lugnut

Re: [Serious] Banking on your home resale price to retire?

said by lugnut :

One thing this article overlooks is the HUGE numbers of boomers who are currently reaching retirement and looking to sell out from the cities and move to the sticks for their golden years.

What?!? lol

Retirees don't generally go live out in the sticks where they have to maintain huge properties, services are miles away and there's nothing to do but get bored.

They'll more often sell the huge house they raised a family in and move to a townhouse, condo or apartment in the city/suburbs and spend copious amounts of time traveling.


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
said by IamGimli:

Retirees don't generally go live out in the sticks where they have to maintain huge properties, services are miles away and there's nothing to do but get bored.

They'll more often sell the huge house they raised a family in and move to a townhouse, condo or apartment in the city/suburbs and spend copious amounts of time traveling.

By "sticks" he means leaving large metro areas for small/medium sized cities and towns towns - Elliot Lake, St. Catharines, Peterborough, Victoria, even Fort Erie. The pace of life is slower, the property is a hell of a lot cheaper (well, except for Victoria anyway) but it is by no means rural.

And it's very true. A chunk of our business in the last year has been doing floor coverings for people who have bought homes here in Fort Erie for a fraction of the cost of the home they just sold in the GTA, and then finding ways to live off the money they made on their property. I know first-hand just how much this is happening, and quite frankly it's the only thing keeping the economy going in many of these places.


Hydraglass
Premium
join:2002-05-08
Kingston, ON
reply to IamGimli
said by IamGimli:

said by lugnut :

One thing this article overlooks is the HUGE numbers of boomers who are currently reaching retirement and looking to sell out from the cities and move to the sticks for their golden years.

What?!? lol

Retirees don't generally go live out in the sticks where they have to maintain huge properties, services are miles away and there's nothing to do but get bored.

They'll more often sell the huge house they raised a family in and move to a townhouse, condo or apartment in the city/suburbs and spend copious amounts of time traveling.

Actually, they are going to the sticks.. MANY seem to be going through two phases of retirement these days.... There are dozens if not hundreds of people in their late 50s and early 60s who have been able to retire relatively early buying up all of the small farms and rural properties up around where my cottage is (area between Haliburton and the Ottawa Valley basically). They find out with their house in the city sold they can buy 40 acres, a pickup truck, an ATV, and a 4 bedroom house with workshop for less than a condo sells for in the city... they take the extra cash and put it away in their retirement/pension fund... then they stay out there until their mid-late 70s, sell off their nice "retirement farm" to the next people reaching that age, and move to one of the "split Florida Condo / Ontario Condo" lifestyles, or just buy quiet retirement community condos in smaller towns (Belleville, Cobourg, Peterborough, Lindsay, Brockville, etc)... I got to know quite a few of them during my stint living up there, some of who are just finally throwing in the towel now around 80 yrs old - they would often come by interested in doing part-time handyman work and things like that to fill their spare time.