Housing arrangements for senior newcomers

[zheka]

Hi all. I guess it's more like an opinion soliciting, rather than a question with definitive answer.. but anyway.
I am sponsoring my parents and they re about to obtain a PR status. They own a residence in the country of origin and also have some savings. So I am thinking of few options that we can do to accommodate them when they come:
1) They can probably purchase a place to live (condo) in cash from the sale of the current residence + savings. But I afraid it will leave them without money for everyday living (their pension will probably be hardly enough to cover all of the regular expenses) - surely we can support them, but there are probably options better for everyone.
2) We (the sponsors) can take a mortgage and purchase a condo, and let them live there, while they cover the operating expenses - so they have all their savings they can use/invest for some minimal income, and we don't have much of expenses to put out of our pockets.
3) They are taking a mortgage and we are co-signing/guaranteeing it as they are probably cannot qualify for it being seniors with low income - not sure if this is possible though. Same advantage as in (2)

Are there more interesting options I missed?
Thank you.

 

[scylla]

Hi all. I guess it's more like an opinion soliciting, rather than a question with definitive answer.. but anyway.
I am sponsoring my parents and they re about to obtain a PR status. They own a residence in the country of origin and also have some savings. So I am thinking of few options that we can do to accommodate them when they come:
1) They can probably purchase a place to live (condo) in cash from the sale of the current residence + savings. But I afraid it will leave them without money for everyday living (their pension will probably be hardly enough to cover all of the regular expenses) - surely we can support them, but there are probably options better for everyone.
2) We (the sponsors) can take a mortgage and purchase a condo, and let them live there, while they cover the operating expenses - so they have all their savings they can use/invest for some minimal income, and we don't have much of expenses to put out of our pockets.
3) They are taking a mortgage and we are co-signing/guaranteeing it as they are probably cannot qualify for it being seniors with low income - not sure if this is possible though. Same advantage as in (2)

Are there more interesting options I missed?
Thank you.

4) They can rent a place rather than buying.
5) You can sell wherever you are living and buy a place with a basement / separate suite where you can all live together.

 

[canuck78]

Depending on the age of your parents you will need to consider mobility options. Living on one floor versus a basement with stairs. Living close to public transit or close to shops, etc unless they will be driving. You will likely need to act as a guarantor or co-sign any lease or mortgage. Would recommend looking at the costs of renting versus buying. With some condo fees, likely increases of condo fees and possibly special assessments you’ll need to examine what your budget can absorb since it looks like you will be paying a good portion of their living costs. Some of the buildings may need some significant repairs down the road.

 

[mahi2020]

4) They can rent a place rather than buying.
5) You can sell wherever you are living and buy a place with a basement / separate suite where you can all live together.

you may already know, basements r cold n stuffy.

rather buy something big in a cheaper place, like Niagara and commute to Toronto everyday.

likewise Victoria to Vancouver

 

[YVR123]

you may already know, basements r cold n stuffy.

rather buy something big in a cheaper place, like Niagara and commute to Toronto everyday.

likewise Victoria to Vancouver

You cannot commute from Victoria to Vancouver.....

 

[scylla]

you may already know, basements r cold n stuffy.

rather buy something big in a cheaper place, like Niagara and commute to Toronto everyday.

likewise Victoria to Vancouver

Not all basements are stuffy. Some split level houses have quite nice basements with walkouts and tons of natural light.

Agreed with the above. Commuting from Victoria to Van daily isn't at all reasonable unless you have a private airplane (at which point you can afford a place in Van). Same goes for Niagara to Toronto. You would be spending 4-5 hours in a car per day.

 

[mahi2020]

Not all basements are stuffy. Some split level houses have quite nice basements with walkouts and tons of natural light.

Agreed with the above. Commuting from Victoria to Van daily isn't at all reasonable unless you have a private airplane (at which point you can afford a place in Van). Same goes for Niagara to Toronto. You would be spending 4-5 hours in a car per day.

Niagara to Toronto is becoming very common.\ via Go Train

 

[canuck78]

Niagara to Toronto is becoming very common.\ via Go Train

Not really. Hamilton is tough enough. Unless you are going to Toronto once a week or less it is not doable.

 

[steaky]

Not all basements are stuffy. Some split level houses have quite nice basements with walkouts and tons of natural light.

Agreed with the above. Commuting from Victoria to Van daily isn't at all reasonable unless you have a private airplane (at which point you can afford a place in Van). Same goes for Niagara to Toronto. You would be spending 4-5 hours in a car per day.

No private jet is needed. One can travel daily by scheduled seaplane flights between the two cities.

 

[YVR123]

No private jet is needed. One can travel daily by scheduled seaplane flights between the two cities.

Totally! A round trip on a Monday is only

$379.00!

 

[Copingwithlife]

Niagara to Toronto is becoming very common.\ via Go Train

Not that common . Hamilton is a push , anything further down into Niagara is pushing the commuter envelope

 

[mahi2020]

Not that common . Hamilton is a push , anything further down into Niagara is pushing the commuter envelope

https://torontolife.com/real-estate/what-happens-to-a-city-when-the-next-generation-of-teachers-cops-nurses-and-firefighters-decide-to-leave/

 

[canuck78]

https://torontolife.com/real-estate/what-happens-to-a-city-when-the-next-generation-of-teachers-cops-nurses-and-firefighters-decide-to-leave/

Nobody is living in Niagara. Those who were previously living in Hamilton may be pushed out to Niagara Falls or St Catherine’s.

 

[mahi2020]

Nobody is living in Niagara. Those who were previously living in Hamilton may be pushed out to Niagara Falls or St Catherine’s.

give it time.

 

[canuck78]

give it time.

A commute to Hamilton is tough to do on a daily basis. Can’t see regular commuters coming from Niagara to Toronto on a daily basis. Not great GO service either.