Canadian Politics Today

This is one good thing that will come out of the pandemic, a lot of people can move out of the cities.

I'm already planning my exodus though I have to wait for the little one to be a bit older.  Vancouver has been a dumpster fire for a while now.

Why is that a good thing?

Because over 80% of Canadians live in urban areas.  The density leads to real estate and infrastructure constraints.  It'll be nice to spread the population around a bit.

Density is good. The problem is the lack of housing supply in said urban areas and retrograde housing and planning policies that artificially inflate values

"Spreading the population around" just means you drive up costs in previously affordable areas, continuing the cycle while promoting urban sprawl.

Density is good. The problem is the lack of housing supply in said urban areas and retrograde housing and planning policies that artificially inflate values

"Spreading the population around" just means you drive up costs in previously affordable areas, continuing the cycle while promoting urban sprawl.

Ideally, there is a way to lower prices, but having witnessed the last 20 years I think all levels of government are happy allowing prices to inflate.

With the consideration that the status quo will continue to drive prices out of reach, I think it's good that people have the option to at least move to smaller cities and get into the market. When that happens, more business will be driven to those areas and wages will go up as industry takes hold.  But at least everything isn't saturated in one place. 

Condos in Surrey have gone up too these last few years, housing everywhere has. Your money for that condo will still go a lot further in Salmon Arm than Surrey. You can increase your square footage, or stay similar and lower the mortgage amount. Or are you saying a condo in SA is the same price as a condo in Surrey?? 

I'd need a mortgage for the difference between my equity here and the price of whatever I buy in SA.   My income now would cover it, but my retirement income will not.  A few years ago, it would have.

Im sure you’ve looked, but the outlying communities might be cheaper.  Sicamous, Canoe, Chase…

I'd need a mortgage for the difference between my equity here and the price of whatever I buy in SA.   My income now would cover it, but my retirement income will not.  A few years ago, it would have.

But that'll change when the WFH crowd gets there! 

I'm not trying to be antagonizing but this still doesn't make sense to me. If you are not increasing your square footage, I am pretty confident that a similar condo in SA is cheaper than a condo in Surrey. If your retirement income is enough for your Surrey condo, how is not enough for a cheaper one in SA?

Were you planning on upsizing and that dream is gone? Or are you now stuck working longer and need to be in the city? If so, that's still the bigger issue of housing being unaffordable everywhere.

You can't retire as early as you wanted, but by the same token, a first time buyer is now priced out of Surrey whereas they still have a chance in SA if they can WFH.

My retirement income wouldn't afford this place, if I had to get a mortgage on it at the price it was when I bought it, which was under $200,000.  As long as the bank simply renews my mortgage here, then they'd never look at my income or do a stress test, which I'd fail after retirement.  I might qualify for a very small mortgage after retirement, but unless SA prices stay fairly flat and my place continues to increase in value, it and my equity are unlikely to be enough.  A mobile home is my best option, at this point, but also has some drawbacks - like pad rent and being homeless if it's bought out by developers, which is what's happened to three parks along King George in the last few years. 

I've looked at smaller places but being near a hospital/ medical facilities is also a factor, cause partner.  If it was just me, I'd have more options.  I like Enderby, close and less expensive, but what I've seen so far needs TLC, at least. 

I'm sure I'll figure something out, just have to keep working at it.  Planning to talk to a mortgage broker again in the Spring and a realtor when we visit next year.   Might have to get a mortgage with my son, an option the partner dislikes.