‘A risky deal’: N.S. seniors looking to downsize hesitant because of rental market
Seniors in Nova Scotia are hesitant to downsize due to high rental costs in Halifax. Many, like Gary MacLeod, worry that their pensions won't cover rising rents, creating a barrier for younger generations seeking housing. The current rental market dynamics are causing stagnation, as homeowners choose to stay put rather than risk financial instability.
- ▪Gary MacLeod, a 79-year-old senior, is concerned about affording rental units in Halifax after selling his home.
- ▪Halifax's rental prices are significantly above the national average, making it difficult for seniors to downsize.
- ▪The province's temporary rent cap, which limits annual rent increases, is set to expire in late 2027, adding to the uncertainty.
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A Nova Scotia senior looking to sell his home and downsize says he’s worried he won’t be able to afford a rental unit in Halifax. Housing experts say the city’s high rental costs are discouraging homeowners from selling and, in return, are creating a barrier for younger generations.“When you consider what’s ahead of you and the unknowns, it becomes kind of a risky deal,” said Gary MacLeod.The 79-year-old and his wife have been living in their home in the rural community of Sambro, about 20 kilometres outside Halifax, for decades.The two are ready for change and plan to move closer to the city, so they can easily access amenities like hospitals and grocery stores. But MacLeod is worried his pension won’t keep up with rising rent prices, even if they sell their home.
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