Boomers' Homes: Key to Affordable Housing?

0:00Canada is facing a brutal housing shortage, and folks are blaming baby boomers for holding onto big homes while young people struggle. Jessica Barrett's new book, No Place Like Home, flips the script, saying boomers could unlock the fix by freeing up space and pushing for real policy, changes. Boomers hit the jackpot with a booming economy back in the day, no student debt, solid jobs right out of school, and houses that were cheap then, skyrocketed in value. How many sit in spacious family homes with empty bedrooms, raking in wealth younger generations can only dream of. Downsizing sounds simple, but it's a nightmare for seniors. Moving stress can wreck their health, and condos often lack room for family or yards, plus. They're pricey and far from old neighborhoods. Over half of seniors count on that home equity for retirement, so they're stuck. Data from generation squeeze shows it takes someone in their 20s or 30s 17 years to save a 20% down payment today, versus just five years in 1976.

1:01In spots like Vancouver and Toronto, it's 27 years with mortgage stress tests making it tougher. Parents are stepping up, gifting down payments to 48% of first time buyers, but the system still busted, mobility's dropping, families delay kids are move far away, hurting everyone. Time for those holiday talks around the table to spark change that keeps grand kids close and homes affordable. Local news, powered by AI. This is Canada News Today.