Courtesy of Canada Mortgage and Housing - Click here for more information!
Did you know that the Home Adaptations for Independence (HAFI) program provides financial assistance to help eligible low-income seniors and people with disabilities with home modifications for accessible, safe and independent living in British Columbia.
As physical needs change, so too does the need to modify the home environment. Adapting a home improves accessibility and promotes safe and independent living. Even small home adaptations can make a big difference in the lives of people who wish to remain in their homes longer. Read testimonials by real HAFI recipients.
If you or a member of your family is having difficulty performing day-to-day activities independently and safely – the HAFI program may be able to help.
The HAFI program is funded by the Government of Canada and the Province of British Columbia.
Courtesy of Canada Mortgage and Housing - Click here for more information!
Preventing burglaries requires more than locks and alarms
• Install exterior lights with a motion detection feature. A light suddenly going on will almost always send a potential intruder away.
How to Find a Reputable Contractor
How a Home Inspection Helps You!
• Canada Association of Home & Property Inspectors. (http://www.cahpi.ca)
If you need to find a reputable home inspector, please give me a call!
Most of B.C.’s population is located in the southwestern corner of the province. In 2008, the proportion of the population, by region, was:
Population age distribution
The population is aging
B.C.’s population is aging. In 2006, for the first time since census-taking started in the province, the median age in B.C. was just over 40 years.
Between 1995 (the first year for which regional workforce data is available) and 2008, the number of seniors – people aged 65 and older – grew by 34%. That was more than double the increase in B.C.’s total population during the same period (16%).
In 2008, 15% of the population of the province was aged 65 and older. By comparison, 19% of the Thompson-Okanagan population was in this age category. Seniors accounted for the smallest percentage of the total population in Northeast (8%) and North Coast & Nechako (11%).
Changes in the size and age structure of the population are linked to changes in employment over time. For example, because many people 65 years or older are retired, a large senior population in a region will mean that a smaller share of its residents is likely to be available for work.
Northern regions of the province have a more youthful population than other regions
Between 1995 and 2008, the number of children (under 15 years) living in B.C. decreased by 8% while the province’s total population grew by 16%.
Mainland/Southwest, where the population grew by 23%, is the only region that saw an increase in children (3%) from 1995 to 2008.
Overall, the northern regions have a youthful population compared with other regions of the province, but even in the north the number of children is declining. In North Coast & Nechako, for example, children made up 20% of the population in 2008. Yet, between 1995 and 2008, the number of young people there declined by a greater proportion than in any other region (34%). North Coast & Nechako’s total population shrank by 14% in the same period.
In 2008, Cariboo also had a relatively large number of children (18%), as did Mainland/Southwest (16%). Thompson-Okanagan (15%) and Vancouver Island/Coast (14%) had proportionally fewer children.
In every region, at least two-thirds of the population is between 15 and 64 years of age
The largest share of the population in every region is of working age – that is, between 15 and 64 years. In 2008, the largest percentages of working-aged residents were in Mainland/Southwest (71%) and Cariboo (70%). Proportionally smaller working-aged populations were in Thompson-Okanagan (66%) and Kootenay (67%), both having large senior populations.
Courtesy Work BC http://www.workbc.ca/Statistics/Regional-Profiles/Pages/Regional-Profiles.aspx
If you are thinking or planning to retire, here are 7 strategies towards speeding up towards financial independence!
1) Consider a part time job!
If you don’t have enough money to retire, then you’ll need to cut back on your planned retirement spending, or find a way to save more. Many people are choosing to work longer. If you don't want to work longer, you will have to find a way to save more!
2) Protect your savings!
Plain old GICs are among the best low-risk investments, but you have to shop around for the best rates. Bonds are another option worth looking into but you may want to speak with a financial advisor to ensure you are selecting the right type of GIC or Bond!
3) Boost your income with Dividends!
You’ll need to keep a significant part of your portfolio in equities, and focusing on dividend-paying stocks may provide the right balance of risk and reward.
4) Downsize and cash in your home!
Real estate in Canada has had an enormous boom in recent years, and that’s allowed many long-time homeowners to build wealth! If you own an expensive home, you could add to your cash savings by downsizing or relocating.
5) Think differently about debt!
Carrying debt into retirement was once considered dangerous and irresponsible. But today’s low interest rates have changed the game—as long as you borrow smart.
6) Wait before you buy an Anuity!
Annuities suit many middle-class seniors but aren’t necesarily for everyone. Annuity payout rates are affected by interest rates, and current payouts are dismally low. Many experts say the current sweet spot for annuities these days is about age 70!
7) Reduce your Tax Bill!
Tax-Free Savings Account (TFSA) has added another option. If you’re saving for retirement with limited funds, whether you sock money away in your RRSP or TFSA depends on your tax bracket now compared with when you withdraw the funds.
For more information click here!
Courtesey of Moneysense.ca
Are you thinking of downsizing?
This is a question that many people are considering these days. For many people they have family that is getting older or it could be their own home that they want to downsize! They may want something that is smaller and more manageable or maybe they have a a home that is far to large for them and a lot of equity tied up in the home.
For other people, downsizing can mean leaving a home with many memories, familiar friends and neighbours. Storage issues and not having enough room for guests and family can also be a disadvantage. The up-side can mean putting your energy into hobbies, dedicating more time to being active, and spending more time with grandchildren. Spending less time on the house both inside and outside can appeal as well as minimizing your living expenses and travelling more! What ever you decide, for most people, the thought of downsizing and where to start can be quite overwhelming for most people!
Several years ago my family and I were faced with dealing with this situation and these types of decisions. Deciding where to move our father when his health declined was very hard and there were so many unanswered questions. Finding out who to ask, and where to go and what to do first was a challenge. It was a very difficult process to say the least. With some family living out of town, having 2 young children, working full time, and dealing with the details of the move was both mentally and physically exhausting.
Here are some items to consider when it comes to deciding if you or family is ready to downsize.
I have many resources available and business alliances that specialize in many of these areas. Whether you or someone you know is considering a smaller home, 55plus condo, assisted living or continuing care, I can provide advice and guidance to assist your through the process. Decluttering, packing, storage, moving, finances and estate planning must all be taken into consideration. If you would like more information regarding downsizing or moving, please call me anytime!
I'm excited to tell you about a new and upcoming project in the tri-cities!
This project is designed for people that are downsizing from their large homes!
This is wonderful news to have some new properties available in the tri-cities. As many people know there has not been a lot to choose from for people that are wanting to stay in the tri-city area and downsize from their large homes.
These homes will have an attention to detail and high quality construction, including rain screen technology! They will offer a comprehensive Travelers Guarantee Company of Canada warranty coverage: 1 year for materials, 2 years for mechanical and electrical, and 5 years for building envelope and 10 years for sturctural coverage!
I will have more information coming soon so keep checking back or e-mail me @ email@example.com if you would like to visit one of these homes!
Did you know that the City of Coquitlam has a 50 Plus Newsletter and membership!
You can become a member or get helpful information regarding local bus trips, special events, talks and workshops, arts and crafts, cards, health and fitness, games and more! Check out the cities website or click on this link!
REAL HOUSING PRICES NOT LIKELY TO DECREASE IN CANADA
With the aging of the baby-boom generation, the number of young households is falling in Canada. This study examines the contentions of the demographer David Foot1, and of earlier work by Mankiw and Weil2, that in such a population, the number of home buyers is bound to decrease, causing the prices of residential real estate to drop substantially. In addition to reviewing the relevant economic literature, the study constructs econometric models using Canadian national and provincial data and uses them to assess whether expected demographic changes in Canada are likely to trigger a pronounced downward trend in residential real estate prices.
The study begins by recalling that price is determined by supply and demand conditions and that supply increases whenever prices escalate significantly in response to demand pressures. Any large price changes should therefore tend to be short term, being dissipated once the housing stock has been able to adjust. It documents changes in real (i.e. inflation-adjusted) housing prices in Canada over the past 40 years, finding two periods of large increases (1973-75 and 1985-89) and two of sharp decreases (1980-82 and 1990-92). Since 1992, the average Multiple Listing Service (MLS) real housing sales price experienced an upward trend, but this seems to be the result of qualitative housing improvement. MLS data overestimate price increases because they incorporate no adjustment for increases in housing quality or size; adjusting for quality improvements and size increases would remove the upward trend. The study presents a detailed review of previous empirical studies on
the relation between demographic changes and housing prices. It examines particularly the work of Mankiw and Weil which predicted that between 1990 and 2010 real housing prices would decrease by
47% because of ageing of the population (an expected increase in the number of households over age 40, and an expected decrease in the number of those under age 40), and a contention that housing
consumption reaches a peak at age 40 and decreases thereafter. A series of subsequent articles, however, criticized Mankiw and Weil's prediction and methodology:
their methodology is incomplete in such a way that the omission of certain variables and of one supply equation can explain the importance of the demographic variable;
their result seems specific to the United States since the same demographic importance cannot be identified in other countries;
the relationship they estimate between household age and housing demand is incorrect because the age effect and cohort effect are confused. Far from reaching a peak at age 40, housing consumption seems to remain high right up to about age 70. Ageing will therefore not reduce the
The literature review found an absence of consensus on whether individual housing demand increases or decreases on average with age beyond 40 years. Against the view that demographics could make real estate prices collapse, other studies systematically conclude either that demographics will have no effect or, instead, that any price decrease would be temporary and of little importance, or yet again that the effect of demographics will be counterbalanced by an increase in real income. Only two studies examined the impact of demographics using Canadian historical data. Both conclude that the demographic effect
on housing prices is not statistically significant, but that fluctuations in real income and interest rates were important. The Foot contention, widely echoed in magazines and newspapers, met a cool, even negative, reception from housing market analysts who recalled the importance of economic factors in determining prices. However, the literature review found that the scientific conclusions are not repeated in the popular press and books aimed at the general public. To clarify the respective contribution of demographic and economic influences, the authors used Canadian data to estimate a structural
econometric model of the housing market. The model contains a demand equation and a housing stock adjustment equation. This empirical model is used to evaluate the impact of demographics and economic conditions on the change in real housing prices during the 1956-1997 period. Three demographic growth scenarios and two economic growth scenarios are used with the model to
formulate a set of 6 housing price and housing stock outlooks for the 1998-2016 period.
The resulting conclusions are that real housing prices are not likely to decrease in Canada over the coming years. The main factor that determines the long-term change in the real housing price is the real income of the adult population. Of the various possible demographic measurements, only the growth in the population aged 25-54 has a statistically significant impact on the real housing price. Based on the results of the econometric modeling, the passage of the baby-boom generation raised the real price by 25% between 1965 and 1975, the level at which it stayed until 1989. It then decreased 20% between 1989 and 1997 when a smaller generation followed. The demographic impact was therefore considerable. However, the economic fluctuations, and in particular the 1980-82 recession and the economic decline of the 1990s had an even greater influence. The greatest part of the downward demographic pressures occurred during the 1990s. What remains to be absorbed will occur mostly between 2002 and 2005 when the growth of the population aged 25-54 will slow more rapidly. However, the upward trend resulting from the projected increase in real income is expected to dominate the demographic impact, especially after 2005. If a correction is made to prices for the probable quality/size bias, the contention of some real price decrease becomes plausible in the scenario with weak economic growth and low fertility and low levels of immigration. Even under such a scenario, the decrease would be small. Overall, the authors conclude that it is more plausible that there will be a modest rise in prices. The provincial model structure was similar to that of the Canadian model. However, certain important coefficients vary from one province to another. The effect of real income on housing prices appeared greater in Ontario and particularly weak in the Atlantic Provinces. Manitoba exhibited a very slow but statistically significant reaction of price to income. The contention of declining prices becomes conceivable only in the provinces that experience population shrinkage in key demographic age groups in the course of the next 20 years. Prices were projected to decline in the Atlantic provinces and Saskatchewan, because the population aged 25-54 is expected to decline earlier than in the other provinces and more sharply. However, by 2016, the model forecasts moderate decreases of about 10% as compared with current prices. In all of the other provinces, a real price which is higher than at present is projected. The price growth will be especially large in the provinces with greater demographic growth: Ontario, Alberta and British Columbia. Ontario, which will experience more sustained demographic growth than the other provinces, should benefit from the strongest price increase. The study concludes that even if it is true that demographics may exert downward pressure on real estate prices, such impact will probably be dominant only in certain regions, depending on their rates of growth in real income. In the other regions, the real price should have a tendency to rise.
1. See Boom, Bust & Echo: How to Profit from the Coming Demographic Shift and Boom, Bust & Echo 2000: Profiting from the Demographic Shift in the New Millennium , both by David K. Foot in collaboration with Daniel Stoffman.
2. See “The Baby Boom, the Baby Bust and the Housing Market”, Journal of Regional Science and Urban Economics 19, pp. 235- 258 and “The Baby Boom, the Baby Bust, and the Housing Market: A Reply to Our Critics”, Journal of Regional Science and Urban Economics , 21(4), pp.573-579, both by Mankiw, N. G. and D. N.Weil. Canada Mortgage and Housing Corporation
Although this information product reflects housing experts’ current knowledge, it is provided for general information purposes only. Any reliance or action taken based on the information, materials and techniques described are the responsibility of the user. Readers are advised to consult appropriate professional resources to determine what is safe and suitable in their particular case. Canada Mortgage and Housing Corporation assumes no responsibility for any consequence arising from use of the information, materials and techniques described.62460
©2000, Canada Mortgage and Housing Corporation
Produced by CMHC 14-02-07
I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please don't hesitate to contact me!
Office: 604-421-1010 Cell: 778-840-7211 E-mail: Leanne@realtygal.ca
Office Location: Royal LePage Sterling Realty 801-220 Brew Street Port Moody, BC