Hi:
Well, with real estate prices up world-wide, those people who own real estate are feeling pretty good. Depending on where you live in this world, considerable appreciation now gives you more options upon retirement.
If you are planning on staying in the same market area, the discussion on garnering appreciation can be somewhat academic. To trade one house for another won't make much difference, unless you either move much further out or downsize appreciably. Even downsizing to a modern urban highrise might yield less space, but the costs of that convenient and trendy location might be comparable or more than your current house.
Think that real estate in Canada's two major centres of Vancouver and Toronto are out-of-sight? Get on the web and check other major world cities. Paris has apartments at $1,500 per square foot, and homes in Spain, Portugal the U.K. and are up there in the stratosphere also.
The fact, parts of Vancouver are now internationally priced. If people have a few well-placed homes around the globe, Vancouver might be where they spend a few months a year. We have been ranked time and again as one of the best cities to live in, although the weather over the last month gives me pause.
Not to despair though. Most of B.C. is reasonably priced.
My main concern is the several million baby boomers living in Saskatchewan, Manitoba, Ontario and Quebec who want to escape their winters. Watch out for the avalanche!
M.
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