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What the Toronto Real Estate bubble means for retirees

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We hear a lot of speculation about the Toronto housing bubble in the media. Despite many years of varying predictions and claims that Toronto is a precarious market, the prices only seem to grow. However, given the COVID-19 pandemic of the past two years, the promise of stability seems more uncertain than ever. What could new predictions that the bubble will burst mean for you?

Emerging Evidence of a Burst Bubble

No real estate bubble can last forever. Despite a lot of contradictory information that you might hear about the housing market, one thing is always repeated, and that’s the fact that every bubble has to burst – it isn’t a matter of if but a matter of when. If you’re currently a homeowner wondering about the best time to sell, what does this situation mean for you and your investment?

Playing it Safe with Your Future

Nobody wants to play roulette with their life savings. You’ve worked hard throughout your life to pay for the home that you own and currently reside in. By buying a home in Toronto, you’ve already experienced unprecedented growth in property values.

Sure, you may stand to lose out on some additional gains by selling today, but you stand to lose a lot more by holding onto a property that ends up as the victim of a crash in an over-inflated housing market. If you’re currently nearing retirement age and own a home in Toronto, you should consider downsizing now rather than later – particularly if you’re already an empty-nester.

The Cost of Inflation

Whatever happens to the Toronto housing market in the next ten to twenty years, there’s no doubt that the rises that we’ve all witnessed regarding the general cost of living are here to stay. You don’t have to be an economics expert to know that the cost of daily expenses has continually increased throughout your lifespan and that living expenses during your retirement years are going to be more than what you initially expected.

What are the Options?

By selling your home now and downsizing for your retirement years, you’ll be sure to gain the extra money that you need to live comfortably in your golden years. The best thing about selling your home is that it gives you new options, so you can make a plan for retirement that suits all of your needs.

Considering the Niagara Region

You don’t have to move far to enjoy more affordable living costs, proximity to nature and a community of people in the same walk of life as you. Luckily, there are custom home builders in the Niagara Region that offer properties in active adult lifestyle communities.

If you’re currently stuck in the middle of Toronto, you might be able to get more out of your retirement by moving to a small town in Ontario that’s already popular among retirees. Rather than live in a home that’s bigger than you need, you’ll be able to enjoy the small-town lifestyle and live in a community of outgoing and social people who share your interest in an active retirement lifestyle. 

If you own a home in Toronto and are planning for retirement, the time to sell is now. Get in contact with a custom home builder that works in the Niagara region to find out more about your options in active community living. 

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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