Latest news with #downsizing
National Post
a day ago
- Business
- National Post
Extend GST housing rebate to seniors who want to downsize, report recommends
OTTAWA — The federal government's GST rebate on new homes should be extended to seniors who want to downsize, a new report says, to help boost the supply and cut the price of family homes. Article content The report, released Tuesday by the Ottawa-based Missing Middle Initiative, says that Canada's housing crisis is being partly fuelled by market bottlenecks preventing seniors from downsizing. Article content Article content Article content The document says that Canada's housing supply problems include a lack of smaller homes with access to seniors' preferred facilities and services, which creates disincentives for empty nesters to downsize. That leaves many seniors with homes that are larger than they need, while further restricting the supply of family homes and raising prices. Article content Article content This under-appreciated piece of Canada's housing crisis is exacerbated by high transaction costs, such as the GST and land-transfer taxes, that create further disincentives for seniors to downsize, the report adds. Article content Eliminating these transaction costs would help spur more downsizing, the report says. 'Not only would this help increase the supply of seniors' friendly housing (but) would also free up larger, child-friendly homes for the next generation of families.' Article content Paul Smetanin, the president of the Canadian Centre for Economic Analysis, said he agrees with the report's conclusions and that Canada's current housing problems were completely predictable and the product of a series of government policy and municipal planning failures. Smetanin said his company estimates that there are 4.4 million empty rooms in Ontario alone, in part because of the empty nesters who can't downsize. Article content Article content Those empty rooms are the equivalent to what would normally take more than 20 years to build, he said. 'It really burns my chops.' Article content Article content Canada's housing crisis has been a high-profile and far-reaching problem in recent years. As the population has increased, particularly in urban areas, demand for both home purchases and rentals has soared, leaving many Canadians under-housed or even homeless. Article content The Missing Middle Initiative report also found that homeownership rates are dropping for those under the age of 40 as they are being priced out of many markets. Many young families are also facing a 'second-time homebuyers' barrier in that they own a small home, often a one-bedroom residence, but they have been priced out of transitioning to something that meets their growing family's needs.
The Verge
3 days ago
- General
- The Verge
Moving sucks, but decluttering helps
Moving sucks. Ever since leaving college more than a decade ago, I've only lived in apartments, so I've had to get good at living small and managing my inventory of belongings before, during, and after a move. A lot of what makes that possible is that I really like decluttering. But it didn't come naturally — it's a skill I've had to practice, learn, and occasionally fail at. So I thought I might share my experiences here in case you find it helpful for a current or future move. I got good at decluttering when my wife (then girlfriend) and I decided to downsize from a one-bedroom apartment to a studio. We loved the one-bedroom for a lot of reasons, including its view of Seattle's Space Needle. But eventually, we realized we could afford to live in a more walkable part of the city if we could squeeze into a studio. That meant reckoning with the volume of stuff we had each brought into the apartment. Our move into the one-bedroom apartment was two people stuffing their separate lives into one. Our move into a studio meant we had to really decide what would make the jump to the next phase of our lives. It was an emotional thing. We made the decision to downsize a while before we actually packed things up. This was right around when Marie Kondo's The Life-Changing Magic of Tidying Up was blowing up, and while I know that book (and the discourse around it) has become something of a meme, it had a lot of advice that we found very useful at the time and have used for all of our moves after. Yes, Kondo's concept of keeping things that 'spark joy' is vague, unscientific, and inexact. But if you're facing a mountain of clothes or a pile of books that you know you have to sort through in order to make space in your new place, it's a great framework you can use to begin to chip away at those piles. With every declutter I've done, I've found that starting is the hardest part, but once you get the ball rolling, it becomes much easier. I've found that I'm most successful when I start with things that I don't really care about. Moving is already stressful, so diving first into an overflowing but beloved collection of gadgets isn't the best tactic for me. Usually, sorting through clothes is where I begin — I keep my wardrobe pretty basic and I don't buy a lot of clothes, so I'm not super precious about them. I save gadgets and games for later (I work at The Verge, after all). One other thing I've learned: once you've decided what to remove from your home, you still have to find a place for that stuff. That can be its own source of frustration, especially if you're short on time ahead of a big move. We have an article all about how to responsibly get rid of the stuff you've decluttered, if you want some ideas. But once you get rolling on decluttering, it can feel great. I find great satisfaction in sorting through stuff, finding what I don't need, and getting it out of the house to free up space. I like it so much that I've actually learned — the hard way — that you can take things too far. My biggest regret is that, ahead of that move, I tossed many books that, while they didn't actively 'spark joy' in me, had sentimental value. I do pretty much all of my reading on an e-reader, so I figured that, to save space (and my back), I could get rid of just about every book that I owned. That included my high school yearbooks, which I justified because I never actually looked at them and because they just sat in the bottom of a box in my closet. But now that I have a baby, I wish I had those yearbooks stashed somewhere so that I could show them to my kid when they get older. I also shouldn't have decluttered my old, tattered copies of the Harry Potter series I grew up with. Similarly, they took up space and I wasn't actively reading them, and while it was a difficult choice to toss them, I figured it was time for me to move on. But in spite of what we now know about J.K. Rowling, I still have good memories of those books, like getting sucked into the Quidditch World Cup for the thousandth time or waiting at a midnight book release with friends. I wish I could pick them up and flip through them again. I've even been overzealous about decluttering old hardware and game consoles. Sure, I wasn't playing my Nintendo 3DS very much anymore, but now I really wish I had it so that I could play some of the games I had collected. I've found that, in general, I don't miss the vast majority of things that I've gotten rid of Even if I have a few regrets, I've found that, in general, I don't miss the vast majority of things that I've gotten rid of. And building those decluttering muscles the first time helped us tremendously with later moves, too. When we moved from Seattle to Portland, we picked a studio again to get cheaper rent, and we were able to do that because we didn't have a bunch of stuff. It also meant we could put everything we owned into one of the smaller U-Hauls, which made a cross-state move less painful than it could have been. We're not in a studio anymore. We eventually moved to a two-bedroom condo because we knew we wanted to start a family, and we realized that a studio might be a bit tight for two adults and a growing kid. (If you are parents who raise a family in a studio, I salute you.) In many ways, though, we still try to treat our larger place as if it's a studio, even with our new 'roommate,' who needs a lot of gear. We've gotten quite good at keeping our possessions under control, an especially valuable skill when you're dealing with the chaos of a toddler. If we ever have to move again — and presumably, someday we will — we will hopefully be able to do the required declutter with as little stress as possible. Decluttering sometimes gets a bad rap, and I would never say it's easy. But it's a skill that I'm glad that I've had to learn through many moves. I know that because I can do it, my eventual next move will be just a little bit easier.
Globe and Mail
4 days ago
- Business
- Globe and Mail
They downsized to save money and simplify their lives. Here's what they wished they'd known
In 2015, Michelle Thorne was living alone in a four-bedroom house in Barrie, Ont. Her adult children had moved out, and she found herself using only half the house. Ms. Thorne, who was working as a teacher, decided to downsize. She bought a three-bedroom townhouse in a bustling area nearby shops and services – features she thought would be useful once she retired. But soon after moving in, she realized something was missing. 'As soon as I arrived, I started missing the peace and quiet of my old neighbourhood. I used to sit outside and enjoy the nature around me, and I missed that almost immediately.' It was just one of many adjustments for Ms. Thorne. She struggled with the lack of privacy and the tighter living space. Her new garage was too small for her car and barbecuing meant dragging the grill onto a shared driveway. She'd hoped the move would bring a better financial return but barely broken even – and felt a loss of control as the condo board took over maintenance decisions. Downsizing is a popular choice for those looking to simplify their lives with less upkeep and lower costs, especially after children have moved out. A 2024 survey of home-sellers by online real estate platform Wahi found 37 per cent of respondents cited downsizing as the leading reason to sell their home. This trend is particularly noticeable among older Canadians, with 69 per cent of downsizers aged 55 and above. But some are left wondering whether the move to a smaller property is truly worth it. A 2022 survey by HomeEquity Bank found that 41 per cent of respondents admitted they were unaware of the true costs associated with downsizing. Jacqueline Watson, a Toronto-based realtor, says she often sees clients rush into downsizing without fully considering the costs and challenges of adapting to a smaller living space. She notes one of the most overlooked parts of downsizing are the unforeseen financial costs. 'If you have a mortgage, what penalties are you looking at? Are you emotionally attached to your stuff – and if so, how much would you pay to rent a locker to store it? Have you thought about what the land transfer taxes may be?' She adds that costs such as moving expenses, land transfer taxes and condo fees can quickly add up. For seniors, she further advises factoring in a budget for accessibility renovations, such as installing chairlifts, to ensure the home remains functional as they age. Danielle Mah, an educational assistant and creator of a YouTube channel focused on minimalism, had to make sacrifices when she and her husband moved in 2021 from a 2,000-square-foot house in Calgary to a townhouse half that size in Chilliwack, British Columbia. The move was driven by the high costs of utilities and maintenance of their previous home. Ms. Mah says they struggled to fit years' worth of belongings: 'Even after selling items, reducing clothing and letting go of furniture, the real challenge was realizing we no longer had the space for what was left.' During the move, she kept only 50 of her 200 houseplants due to space and logistical constraints. Instead of paying for storage, they gave away some belongings. Ms. Mah advises others planning similar moves to gradually declutter and embrace minimalist strategies such as buying versatile clothing and vacuum-sealing off-season items. Downsizing can also limit the ability to entertain. In 2018, Claudia Espindola, an operations manager, relocated from a three-bedroom townhouse in the Greater Toronto Area to a two-bedroom pre-construction condo in Guelph, Ont., after her job went remote and her children moved out. After moving into the condo, Ms. Espindola quickly realized the absence of a distinct separation between the living and dining areas: 'The biggest challenge was the lack of space for entertaining. I could fit two people comfortably, but I had to buy foldable tables and chairs to set up every time someone comes over.' While her condo offers a party room, each use incurs a $100 fee, as well as a deposit and cleaning charge. She is now hunting for a larger home that includes a dedicated dining area to better accommodate guests. For Ms. Thorne, her first downsizing experience in Barrie helped her make a more informed choice for her next move. In 2017, she moved into a two-bedroom bungalow in a quiet, parkland area near the waterfront. She enjoys being surrounded by nature, even if it means handling the extra work of maintaining the property and replacing yard equipment. The teacher, who retired two years ago, says she regrets prioritizing retirement over her immediate needs. When she downsized, she was focused on a future without car access, even though she plans to drive for at least another decade: 'I was too focused on the future and not paying enough attention to what I needed in the present.' Now settled into her home, she says she would advise others to carefully consider what truly matters to them before deciding to downsize: 'It's a decision that can't be thought of from either a strictly financial side or lifestyle side. They're impossibly intertwined, and I'm not sure anybody can know for sure how much things really mean to them until they lose them.'
Daily Mail
24-05-2025
- Business
- Daily Mail
My wife insists on showing potential buyers around our house - should we just let the estate agent do it?
My wife and I have been trying to sell our family home for more than six months. We're downsizing as my mobility isn't very good any more. Our children grew up in the house and it means a lot to us. We've had multiple viewings, but no offers. My wife insists on helping show around prospective buyers and providing them with in-depth details of the history of the house, family goings on in the place over the years and even highlights renovation work or improvements that need doing. Do you think buyers are being put off by my wife attending viewings? Is it just best to leave viewings to the estate agent and potential buyer? Would this increase our chance of getting a good price for the house and selling it quicker? Jane Denton, of This is Money, replies: Your wife sounds like a great character and that's to be applauded. It's no surprise if you've lived in the home for decades that you've all got a deep emotional connection to the property - and as such, you care about who owns it next. However, if you are both serious about downsizing, sentimentality needs to be removed from the equation. Your objective is to sell your house for the best price possible as quickly as possible. The viewing period is crucial and needs to be conducted correctly. Putting it bluntly, your wife's interventions, while well-meaning, may be putting buyers off, particularly when she's talking about renovation works that needs doing. Buyers will be totting up how much they will need to spend on a property on top of the house price. During viewings, prospective buyers need the space and time to be able to view themselves in your house. They need to be able to imagine themselves living there. I've asked two property experts for their take on your question. Liam Gretton, owner of Liam Gretton Bespoke Estate Agent, on Wirral Peninsula, says: Viewings are one of the most crucial stages of a sale and you need to be strategic about them. How prospective buyers are handled can make or break the experience and, in some cases, determine whether they make an offer or not. It may seem like having the owner present is helpful, however in almost every case, the best person to carry out the viewing is your estate agent, ideally a personal agent who knows you, has read up and learnt about the property and understands your sale. Believe it or not, most first viewings are booked on emotion. A buyer has seen your photos or video tour and started imagining themselves in the space. At this stage, it's about them making an emotional connection to your home. If your wife is walking them through her memories and family milestones, she could be unintentionally breaking this connection. Second viewings are often driven by logic. That's when buyers are considering whether the property would really work for them and delving into the practicalities. This is the stage where, if needed, the owner's insight can add value, answering specific questions about the boiler, the garden drainage, or the neighbour's dog. However, this is only applicable if the buyer is already emotionally committed to the idea of living there. A big mistake I see all the time is sellers getting their hopes up because a buyer was lovely to their face, only for that buyer to disappear without feedback. Why? Because buyers don't want to offend. If you're present, they won't give honest feedback, they won't speak freely and they often won't stay long enough to form a real impression. Some estate agents will say it's fine for sellers to show buyers around and that 'no one knows the home like you do.' However, the truth is it feels more of a cost saving exercise and I see it as lazy standards. Viewings aren't about the property, but about the buyer and their lifestyle, future and vision. It is always sensible to have your estate agent show prospective buyers around. Buyers feel more comfortable and will be more honest. If it's not for them, you want to know quick so you're able to move on. It's also a good idea to block the bulk of the viewings together twice a week. As buyer one is leaving, they are seeing buyer two. This creates an anticipation that the property is going to sell fast and builds more interest. Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: Most estate agents will agree that it is far better to let prospective buyers view your home without the owners present. Buyers need the space – both physically and mentally – to imagine themselves living there. That's very hard to do when the current owners are walking them through a lifetime of memories, even if those memories are heartwarming. While your home's history is important to you, the harsh reality is that buyers are thinking about their future, not your past. If your wife wants to share the story of the house, she could absolutely write a brief letter for your estate agent to hand to buyers after the viewing. That way, the emotional connection is shared – but it doesn't overwhelm the practical process of selling. It's also the estate agent's job to tailor the viewing to the individual, they'll understand what's important to each buyer and can highlight features accordingly. They are trained to guide people round, pick up on reactions, answer concerns, and sell the lifestyle your home offers, not just the bricks and mortar. Buyers often want to discuss changes they'd make – reconfiguring rooms, knocking through walls, changing the kitchen – and they're unlikely to speak openly if they fear offending the owner. They may also hold back criticism or questions, which can prevent them from fully engaging with the property. Instead of being present, the best way to help sell your home is to focus on presentation: declutter, refresh paintwork and keep the house clean. If you are willing to invest in the property, ask the agent what cosmetic changes could be made to help improve the outcome of the viewings. A freshly decorated hallway, with coat hooks and space for shoes is always more inviting than walking into a hallway and having to step over and around everything to get into the first room. How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Bloomberg
19-05-2025
- Business
- Bloomberg
Nike Lays Off Some Workers in Shakeup of Technology Division
Nike Inc. is downsizing its technology division and letting go of some employees as management resets priorities. Staff in the world's largest sportswear retailer's strategic enterprise and corporate functions departments, which help manage business processes, were affected by the cuts, according to people familiar with the matter. Nike is shifting some of that work to third-party vendors, one of the people said.
