Hindsight

I confess that one of the worst decisions I’ve ever made was to sell my place, thinking that I’d be able to buy another one. I lost my career many years ago, and because of the financial crisis happening at the same time I wasn’t able to find a new job. So I sold it (made a great profit) and rented, assuming it would be a temporary situation. It wasn’t. Thanks to the massive influx of foreign buyers and crooks into our housing market, prices escalated into the stratosphere and I’ve been renting ever since. Now I’m a senior living in a precarious housing situation, wondering when (not if) I’m going to be homeless. My advice? If you own your own place, don’t sell it unless it’s truly the last resort.

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Future-proof

Feb 18, 2021 at 1:06pm

Poignant thoughts indeed. I’ve always thought it damn terrifying to be a senior on a fixed income and still renting, seeing that OAS is somewhere between $600-800/month only. I’ve read so many enterprising stories from the pandemic: kid spouting seeds in his mom’s rental led to a plant business, people making tie dye clothing, soaps, candles, etc to generate income. That being said, I’m not sure if your home proceeds are entirely gone, but if not, maybe you can buy cheaper elsewhere. My brother is already on this trajectory: still renting at 50, and he’ll have to work til the day he dies to make money for rent. Even if he bought a micro unit somewhere, he could save himself from homelessness in the future.

8 7Rating: +1

I would agree.

Feb 18, 2021 at 1:25pm

I sold my paid for 3600 sq ft home 18 years ago and moved my family miles away and went to hollywood to get into the movie business but it didn't work out. I had to move back for work and I am now renting a 1000 sq foot home in debt and have no money left at all. I am now 63 years old.

We could have banned foreign ownership of Canadian land...

Feb 18, 2021 at 1:55pm

... but instead, we decided to force ordinary Canadians to compete with international capital to buy homes. This destroyed Vancouver and has ruined many Canadians' lives.

I'm so sorry.

My advice

Feb 18, 2021 at 3:56pm

Imagine trying to profit off of something as basic as shelter.

If you buy and sell to live in, and abandon fantasies of getting rich quick à la Gamestop, you should not worry.

9 6Rating: +3

but

Feb 18, 2021 at 4:51pm

I have to dig myself out the hole and at least I have something important to do for the rest of my life. better than sitting on the porch all day doing nothing for sure.

8 5Rating: +3

It's Not Our Fault

Feb 18, 2021 at 6:30pm

It's hard to play a game when the goal posts keep moving. One day it may become our responsibility to do something about it. My Metis ancestors fought for their rights as they could no longer ignore that fact that they were being eroded. Our government is breaking a social contract.

I managed...

Feb 18, 2021 at 7:14pm

... to prevent my parents from selling all of our land, they sold one property that is now worth like 1.5 million for about 600k because this financial advisor assured them "it was a bubble that was going to pop, get out now!" I grew up with this financial advisor, she was a friend of the family. Once she took me and her son (my friend) to Point Roberts, where her husband had a PO Box. He had an unlicensed business selling fishing equipment. They picked up a half dozen boxes of fishing vests, drove them across the border. She flat out lied to the border guard's face, said "we were looking at investment property."

I tell my parents this story, and they still don't "get it" that this woman is a shark and not their friend. They literally think that the 15 minute meeting where her secretary asks "sparking or still water?" means she's some sort of "professional" rather than a psychopath.

But land, you only ever sell land if it's the only way to satisfy debt secured against the land. Lots of boomers have these weird fantasy beliefs about what, for example, you can rent, they think renting property is "hard work" (it's harder than being in a union...) but they don't want to admit that os they make up excuses like "oh, the house only has one bathroom...no one would rent that!"

Meanwhile, ppl my age are renting moldy 1 bedroom basement suites because they cannot afford anything else...

I'm glad I was able to keep things on an even keel for my family, but, it is so hard---there are so many psychos out there who want to "be your friend" while fleecing you.

@Hindsight

Feb 19, 2021 at 12:36am

Thanks for sharing your valuable advice.. I only wish I had heard it 5 years ago. That’s when I sold my home of almost 20 years thinking I would be able to upgrade. Only to find myself facing a quagmire of new financing rules aimed to “slow down” the housing market making it impossible to buy a place. Interesting that the regulations were supposedly to stop people from buying homes using ill gotten gains yet really only hit hard working honest demographic. I hope others reading your confession recognize the gift of your insight. Once it’s gone, it’s gone, and who knows if it will ever work out again. I’m now renting a 500 sq ft apartment, trying to save in the hope I may own a place again. It’s already taken me years longer than I originally thought and unless financing rules relax, I don’t stand a chance. So cheers to making the best of a less than ideal situation.

10 9Rating: +1

Told you so

Feb 19, 2021 at 1:17am

That's what you get for lacking foresight. And ignoring others who saw your choice as ridiculous. And making decisions based on emotions. Whatever, you didn't listen then, will today be any different.

@Told you so

Feb 19, 2021 at 8:23am

People like you are so obnoxious.

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