Canadian Seniors Face Housing Crisis: Downsizing Becomes a Financial Impossibility

Many Canadian seniors are facing a difficult choice: stay in their homes and struggle with rising costs, or downsize and face financial hardship. A CTV News report highlights the challenges, citing sky-high real estate prices and the cost of living as major obstacles. "For some seniors across Canada, downsizing doesn't make a lot of financial sense," says Adrian Ghobrial, a CTV News reporter. The Missing Middle Initiative's recent report underscores the issue, pointing to broken pathways in Canada's housing market. The report calls on the government to expand GST rebates to help seniors purchase owner-occupied homes. A Department of Finance official stated that the GST rebate is intended for first-time homebuyers, not those already owning a home. However, the Canadian Centre for Economic Analysis estimates that 4.4 million rooms sit empty in Ontario alone, partly due to seniors unable to afford downsizing. This situation creates a complex problem, where policies intended to help first-time buyers may inadvertently hinder the ability of seniors to adjust their housing needs. The need to find solutions that address the housing needs of all age groups is paramount.