David Foot’s analysis is so bare bones and incomplete, it should be quoted only by Realty Radio 98, and Global.

I woke up this morning again to the smell of sewer in the air at Garden City and Westminster Highway in Richmond. Boy, do I ever feel sorry for the poor saps who paid $500,000+ for a condo in this area.

@fixie guy

Retired people choose to stay in their large home if they can afford it, but the question here is: can they afford it? Garth Turner keeps talking about how broke the boomer generation is since they have not saved for old age, so their only big asset is their home. The way I understand the article, the writer also hints there could be a price decrease in the near future, so boomers should rush for the exit.

But I agree with you, 10 million people will not do the same thing at the same time 😉

People that have bought, say, 30+ years ago have paid off the mortgage and have a lot more leverage in chasing the market. They can take a bigger haircut to extricate themselves.

The ones screwed are those underwater as the prices keep collapsing.

By the time one is approx 70+ years old, one is looking to downsize, the wear and tear of keeping a house catches up.

The absolute dead meat will be all those McMansions….lose value and end up as slums if HAM dries up.

Dave,

If that story is true, it is time to invest in long term care homes and funeral parlours in Victoria. I lived there for 5 years, and it is already full of doddering old fogies.

@bubba: "By the time one is approx 70+ years old, one is looking to downsize, the wear and tear of keeping a house catches up."

For some, the wear and tear of having to move is too much. Most people when they reach that age have arranged their life the way they like it – the place where they live, their friends, their neighbours, their furniture, the piles of junk in the attic. I wonder what proportion actually decide to downsize, and go through the hassle of vacating a house full of decades worth of possessions and memories? Does anybody know?

@Dave:

Seems that we're thinking along the same lines. I'd love to see some stats, but honestly I'd be surprised if over 20% downsized.

I met a senior once who lived on South Cambie. They paid a 4 figure sum for their bungalow when they bought it new, and could probably get close to 7 figures today. They just found it amusing, and never entertained the thought of selling. It's possible many are considering their houses to be their kids inheritance rather than their own retirement funds.

downsize???? I don't tink so. In North America you only super size. It is ingrained in the psyche.

Nassim Taleb on the 'Occupy' movement. Also, he's very critical of US Investrment banks, banker compensation, and bailouts. Fantastic.

http://www.bloomberg.com/video/78027552/

"Funny, HAM said the same thing about entitlement positions in government departments. Might as well paint the whole thing with one brush."

Agreed then – all of China is corrupt and parasitic not just the HAM that makes it to our shores.

Yet another article regarding Generation f'ed in BC.

http://www.vancouversun.com/news/Incomes+house+pr…

Anyone got a solution?

The bottom line?

"B.C. is now the hardest province in which to raise a family," study author Kershaw said in an interview. "And that's because we're the only jurisdiction in the country where household income for young couples has actually fallen behind where it was a generation ago."

Manna from heaven Says: Anyone got a solution?

Solution to debt serfdom is debt jubilee.

@Lilypad:

I woke up this morning again to the smell of sewer in the air at Garden City and Westminster Highway in Richmond. Boy, do I ever feel sorry for the poor saps who paid $500,000+ for a condo in this area.

That's part of the back home experience and you have to pay extra to have those special effects that mimic your homeland and evoke nice memories.