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Is it a good time to buy now

CN Tower

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Yesterday I was riding my bike down some random residential streets around Finch/Bayview and noticed a lot of people doing yard work, and couldn't help noticing that most of them were elderly.

What I don't get is, why do so many old/retired people choose to live in such an expensive area as the GTA? I'm only here because I couldn't find a job as good as the one I found in North York anywhere else, if I could find the same job in a small town I'd leave and never look back. So why do retired people choose to live in a 600-800k house in North York when they could buy the same house in a small town for a quarter or a third of the price, or better yet they could go spend their retirement somewhere like Florida?

Oh my...

 

interested

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I don't think there was anything dumb in asking a question or making an observation. There are only dumb answers.

To answer your question, I believe people stay in their homes because they have always been there. Their friends and family may well be nearby.

It is not always so easy to move away from what you are familiar.

Florida is fine until you get older and then insurance becomes a potential problem.

Hope this sheds some light.
 

GraphicMatt

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There's something to be said about only getting old if you start acting old, too. Some people would rather spend their 60s, 70s, 80s and beyond doing more than just sitting around, talking about the weather, playing bingo, and waiting to die.
 

CN Tower

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Care to share why you think my post was dumb?

More ignorant that unintelligent.

You come to the Urban Toronto Forum and ask why people prefer to live in an urban area as opposed to a rural one and then banish these poor souls off to death's waiting room because of your personal lifestyle preferences.

That my friend is ignorant in my opinion when you have an entire forum filled with voluminous passages of why an urban life is desirable.
 

Polkaroo

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You come to the Urban Toronto Forum and ask why people prefer to live in an urban area as opposed to a rural one and then banish these poor souls off to death's waiting room because of your personal lifestyle preferences.

That my friend is ignorant in my opinion when you have an entire forum filled with voluminous passages of why an urban life is desirable.
Re-read my post, I didn't ask why people on this forum prefer to live in an urban area, but rather why so many elderly people prefer to stay in such an expensive area. Please explain what is ignorant about that question? I also did not mention urban vs rural, there are many smaller towns that are much cheaper than Toronto but still not rural.
 

T.O.Condo

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Good question Polkaroo....my guess is that they bought their property during 40s or 50s therefore paid fraction of the property value today. By now most are fully paid off the mortgage so they can afford to live in the expensive urban area. Also I suppose they have their own small community whom are all bonded for the past 50 years . It's really hard to move on. I remember when dumping my old used car, I felt so sad..it's human nature i suppose :)
 

daveto

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Re-read my post, I didn't ask why people on this forum prefer to live in an urban area, but rather why so many elderly people prefer to stay in such an expensive area. Please explain what is ignorant about that question? I also did not mention urban vs rural, there are many smaller towns that are much cheaper than Toronto but still not rural.

Elderly people live in expensive urban areas for the same reason that non-elderly people do. Good restaurants, close to amenities, close to theatres, public transit, available taxis, varies social activities.

I think that the face in hands response is because your post seems to presume that elderly = decrepit and impoverished.
 

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