Featured Post from Retire with Equity

Drops in the Bank of Canada rate will not solve housing affordability.

Spoiler Alert: The problem isn't just about interest rates

Dec 11, 2024

7 min

Summary: The Bank of Canada’s interest rate cuts won’t resolve Canada’s housing affordability crisis. Factors such as skyrocketing home prices, unaffordable down payments, and stagnant wage growth are other primary challenges to address.  A personal example offered by the author shows how the price of her Toronto home surged over 1,000% from 1983 and 2024 while her wages during the same period rose only 142%. While some see this issue as a consequence of Baby Boomers remaining in their homes, it's more nuanced than that.  We have systemic barriers in Canada that necessitate targeted policy changes. It’s time to tackle affordability and implement effective solutions.


The Bank of Canada met today, to determine interest rates for the last time this year. They announced a drop of .50 basis points. This is part of a broader effort to stimulate economic growth in Canada, which faces challenges, especially a softening labor market and persistent inflation. 


Why Should You Care?


Interest rates determine how affordable our debt will be and what return we can expect on our savings. Since mortgages represent most consumer debt, interest rates directly impact affordable housing costs, making them very newsworthy. However, interest rates only tell part of the story.


When the Bank of Canada lowers its rate, it primarily impacts variable-rate mortgages. These are tied directly to the BoC's overnight rate, so a rate cut can reduce the interest costs on these loans. Homeowners with variable rates would likely see a reduction in their payments, with more of their payments going toward principal rather than interest. People without debt and savings (primarily seniors) will see a drop in their investment returns.


In contrast, fixed-rate mortgages, which are not directly tied to the BoC's rate, are influenced more by the bond market, particularly the 5-year government bond yield. The current trend in bond yields suggests that fixed mortgage rates could also decrease over time.


Let’s pause here and talk about the affordability of houses and how interest rates are not the reason housing is out of reach for most first-time buyers.


A walk down memory lane might offer some perspective.


I purchased my first home in the fall of 1983 for $63,500 (insert head shake). I was 27 years old, and before you do the math, yes, I am a Baby Boomer. My first serious (so I thought) live-together relationship had just ended, and I was looking for a place to live. I had finished school and had a good full-time job with Bell Canada. A rental would have been preferred, except I had a dog. Someone suggested that I buy a home. I did not know very much about purchasing real estate or homeownership, for that matter. But I was young and willing to learn.


I had been working full-time for two and a half years. During my orientation at Bell Canada, my supervisor told me to sign up for their stock option program. She said I would never miss the money or regret signing up for the plan. She was right. When I purchased my home, there was enough money in my stock account for a down payment and closing costs. My interest rate was a terrifying 12.75%, yielding a mortgage payment of just under $670 monthly. The lender deemed this affordable based on my $18,000 annual wage. Life was good.


This was in 1983, when the minimum down payment for a home purchase in Canada was typically 10% for most buyers. However, a lower down payment could be possible with mortgage insurance (provided by organizations like Canada Mortgage Housing Corporation (CMHC), which allowed buyers to put down as little as 5%, provided they qualified for insurance. This was commonly available for homes under $150,000, with stricter terms for higher-priced homes.


If you had a higher down payment of 25% or more, mortgage insurance wasn't required, and you could avoid extra costs associated with insured mortgages. This was part of broader efforts by the government to make homeownership more accessible, especially amid the high interest rates of the time.


So let's do the math. Circa 1983

I first needed to prove that I had saved $3,175 in down payments and $953 in closing costs for $4128. In the 2.5 years I worked at Bell Canada, I saved $4,050 (including Bell Canada’s contribution) in stocks. I also had another $5,000 in my savings account. $9,000 was enough to complete the transaction and leave me with a healthy safety net.


Fast forward to 2024

Let’s compare what the same transaction would look like today. Using the annual housing increase cited on the CREA website, the same house would be valued at approximately $700,000 today. Interest rates are much lower today, at 4.24%, yielding a mortgage payment of $3,545.


1. The down payment rules have changed. For the first $500,000, The minimum down payment is 5%. 5% X 500,000=25,0005\% \times 500,000 = 25,0005% X 500,000 = $25,000


2. The minimum down payment for the portion above $500,000 is 10%.

10% X (700,000−500,000) = 20,00010\% \times (700,000 - 500,000) = 20,00010% X (700,000−500,000) = $20,000


3. Total minimum down payment:

25,000+20,000 =4 5,00025,000 + 20,000 = 45,00025,000+20,000 = $45,000


Thus, the minimum down payment for a $700,000 home is $45,000.


Here is the comparison:


1983 Scenario                                              2024 Scenario                                  Variance


Purchase Price: $63,500                               $700,000                                           up 1002%

Down Payment: $3,175                                 $45,000                                             up 1317%

Loan Amount: $60,325                                  $655,000                                           up 986%

Interest Rate: 12.75%                                   4.24%                                                down 200%

Monthly Mortgage Payment: $670                $3,545                                               up 429%

Wage: $18,000                                             $43,500                                              up 142%

Gross Debt Service Ratio: 44.6%                 97.8%                                                up 119%


Time to Save for Down payment:

2 years                                                           12.4 years                                        up 520%


*Please note that this example does not include mortgage insurance


The real problem

As you can see, housing was much more affordable for me in 1983 and far from cheap in 2024. During the past 41 years, wages have increased by 142%, yet interest rates have dropped by 200%. But the most significant impact on affordability has been the over 1,000% increase in housing prices.


So why is all the focus on interest rates?


At the risk of oversimplifying a complicated issue, I believe the media often uses interest rates as a "shiny penny" to capture attention, diverting focus from deeper housing affordability issues. This keeps the spotlight on inflation and monetary policy, aligning with economic agendas while ignoring systemic problems like down payment barriers and the shortage of affordable homes.


Indeed, a movement in interest rates often has an immediate and noticeable impact on borrowers' affordability, making it a hot topic for news and policymakers. However, the frequency and consistency of the Bank of Canada meetings on interest rates give the impression that rates are the primary issue, even though they are just one part of a complex system. For example, even if the Bank of Canada dropped interest rates below zero, it would do little to solve today’s homeownership affordability issue.


The real problems:


1. Down Payment Challenges: With housing prices skyrocketing, the 5%- 20% down payment required has become insurmountable for many, particularly younger buyers. High rents, stagnant wage growth relative to home prices, and rising living costs make saving nearly impossible.


2. Lack of Affordable Starter Homes: Due to profitability and zoning restrictions, housing developments often prioritize larger, higher-margin homes or luxury condos over affordable single-family starter homes.


3. Misplaced Generational Blame: Blaming Baby Boomers for "holding onto homes" oversimplifies the issue. They are staying put due to limited downsizing options, emotional attachments, or the need for housing stability in retirement, not a desire to thwart younger generations.


4. Political Challenges: Addressing structural issues like zoning reform or incentivizing affordable housing construction requires political will and collaboration, which can be slow and contentious.


A broader lens is needed to understand and address the actual barriers to home ownership. Interest drops are merely a band-aid solution that misses the central issue of saving a down payment.


The suggestion that we have an intergenerational issue needs to be revised. The fact that Baby Boomers are holding on to their homes should not surprise anyone. However, Real Estate models that predicted copious numbers of Baby Boomers selling their homes to downsize got it wrong. Downsizing was a concept conceived in the 1980s. Unfortunately, it did not account for record-setting home price increases or inflation, leaving it undesirable for today’s seniors.


Although this is a complex issue, a few suggested solutions are worth exploring.


What can be done?


Focus on Policy Innovations:


To create housing, increase supply, curb speculative investments, and provide targeted assistance for builders to build modest starter homes.


To create rentals, homeowners should also receive income tax incentives to build Accessory Dwelling Units (ADUs). These could be used as affordable rentals or to house caregivers for senior homeowners. Today, The federal government announced a doubling of its Secondary Suite Loan Program, initially unveiled in the April 2024 budget. This is a massive step in the right direction.


To create down payments, adopt a policy allowing first-time home buyers to avoid paying tax on their first $250,000 of income. Then, they could use the tax savings as a down payment.


Focus on Education and Advocacy:


Include a warning that helps consumers understand that withdrawing from RSPs results in a significant loss of compound interest related to withdrawals and how this can harm income during retirement.


Encourage early inheritance to create gifted down payments. Normalize the concept by emphasizing the benefits to the giver and the receiver.


Educate the public on using financial equity safely and create down payments as an early inheritance for their heirs. This will shift the conversation and initiate an intergenerational transfer of wealth that empowers the next generation to own a home.


The Bottom Line

While the Bank of Canada interest rate cut may ease some financial strain for homeowners with variable-rate mortgages, it will do little to address the core issue of housing affordability. The media's fixation on interest rates as a "shiny penny" distracts from more profound systemic barriers, such as the inability to save for a down payment and the lack of affordable housing stock. These challenges require targeted policies, structural reforms, and intergenerational collaboration to be tackled effectively.


The focus must shift from short-term rate adjustments to long-term solutions that prioritize accessibility and affordability in housing. Without meaningful action, homeownership will remain out of reach for many, perpetuating the cycle of financial inequity across generations.


Dont't Retire... Re-Wire!


Sue



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This leads us to a fascinating group of scientists known as "Super Agers." Who Are Super Agers, Really? In research terms, Super Agers are adults over 80 whose cognitive abilities, especially memory, perform at levels expected of people in their 50s or 60s (Rogalski et al., 2013). But here's what I love most: they aren't superhuman. They're not top athletes. They're not biohackers living on kale foam and cold plunges at dawn. (Though if that's your thing, carry on.).  They're everyday people who never disconnected from life. A striking Canadian example is Morry Kernerman, a Toronto violinist who kept on learning, hiking, and performing well into the ripe age of 101. His story embodies the spirit of Super Aging: it's not about dodging age, it's about refusing to stop living. In a CBC interview, Maury Kernerman doesn't sound like someone "trying to live longer." He talks like someone who's still interested in living, fascinated by the world, hungry for learning, and unwilling to stand still just because he might do something imperfectly. He also admits something that matters to a lot of readers: he wasn't always an exercise person. He started taking it seriously later in life and describes it as a "rear guard action" that hasn't stopped aging, but has helped him keep his capacity. One of the most poignant lessons: when we're afraid of doing the wrong thing, afraid of failing or being embarrassed, we stop.  And standing still is what really costs us. Haven't you heard? Sitting is the new Smoking!! What the Science Is Showing Us Canadian and U.S. researchers, at Western University and Northwestern University, are discovering something significant. Not a pill. Not a quick fix. A system. Angela Roberts (Western University) explained that the Canadian arm of the research isn't relying only on lab snapshots. Participants are sent home with wearable devices so researchers can monitor real-world activity patterns continuously (24 hours a day) over multi-week periods (CBC News, 2024 - https://www.cbc.ca/news/health/superager-centenarians-brain-second-opinion-9.7049411). That design matters because it turns "healthy aging" from a vague concept into measurable behaviours: how much movement you get, how intense it is, how consistent it is, and how it fits into the rhythm of normal life. Super Agers typically stay active, remain mentally sharp, maintain close relationships, handle stress effectively, sleep well, and keep a generally positive attitude (Rogalski et al., 2013 - https://doi.org/10.1162/jocn_a_00300; Sun et al., 2016 - https://doi.org/10.1523/JNEUROSCI.1492-16.2016) Their brains display thicker cortical areas linked to attention and memory, experience slower atrophy rates, have fewer Alzheimer's markers, and show stronger neuronal connections (Gefen et al., 2015 - https://doi.org/10.1523/JNEUROSCI.2998-14.2015; Harrison et al., 2012 - https://doi.org/10.1017/S1355617712000847) A Data Point Worth Remembering When It Comes to Longevity From the wearables, the research study observed that many 80-year-olds in the study, both "super agers" and the control group, were averaging about 25 to 30 minutes of exercise a day (roughly aligned with Canadian movement guidelines). The difference wasn't that super agers moved a little more.  The study showed that they got about 30% more of the kind of movement that raises heart rate, what researchers call moderate-to-vigorous physical activity In plain language: it's not just steps. It's getting your engine up into that slightly breathy zone on purpose, most days. There's no single longevity switch. It's a belt-and-suspenders approach: multiple protective habits working together over decades. Let's Talk About Weight (Without Losing Our Minds) People often ask: Should Super Agers be skinny? Or a little plump? The research answer is surprisingly dull (and comforting): Neither. Super Agers come in all sizes. There is no evidence that they share a specific body weight or BMI. What matters much more than the scale is stability, strength, and body composition (Stenholm et al., 2008). Obesity Shows Up Consistently in the Research Midlife obesity is associated with an increased risk of dementia later in life. Several large studies indicate that obesity (BMI ≥30) during midlife raises dementia risk by 33 to 91% compared to individuals of normal weight (Kivipelto et al., 2005; Qizilbash et al., 2015) However, in older age, unintentional weight loss often signals frailty or illness. Weight loss in later life is linked to faster cognitive decline and higher risk of death (Diehr et al., 2008) Being underweight increases the risk of death. Studies consistently indicate that underweight older adults (BMI <20) have 2 to 3 times the all-cause mortality risk compared to those with a normal weight, with one study reporting a 34% higher risk of dementia (Diehr et al., 2008). A slightly higher BMI in later life may actually be protective, especially if muscle mass is maintained. The "obesity paradox" demonstrates that overweight and mild obesity in older adults (ages 65+) are often linked to a lower risk of mortality, particularly from non-cardiovascular diseases (Natale et al., 2023). So, the prescription is clear: avoid extremes. Not so skinny you could use a Cheerio as a hula hoop, and not so plump that tying your shoes feels like a full-contact sport. Here's What Truly Matters: Muscle Mass Strength defends the brain, maintains balance, boosts metabolism, and offers resilience during illness or stress (Peterson & Gordon, 2011) "Skinny-fat", low muscle, higher fat, is actually worse for aging than carrying a bit more weight with muscle beneath (Prado et al., 2012). Super Aging isn't about shrinking yourself. It's about supporting the structure you live in. Sleep: The Quiet Superpower If movement is the main act, sleep is the stage crew ensuring the entire show runs smoothly. Sleep isn't just one thing. It's a cycle (Walker, 2017). The Stages of Sleep (a quick, non-boring tour) Light sleep: The warm-up. Easy to wake from. Necessary, but not enough by itself. Deep sleep: The body's main repair mode. This is where physical repair occurs: muscle recovery, immune support, hormone regulation (Scullin & Bliwise, 2015) (Walker, 2017). REM sleep: The brain's spa. Memory consolidation, emotional regulation, creativity, and learning all occur here (Scullin & Bliwise, 2015) (Walker, 2017). Missing deep sleep leaves your body feeling exhausted. Missing REM causes your brain to become fragile and foggy (Mander et al., 2017). Super Agers tend to guard their sleep, though not perfectly, deliberately (Mander et al., 2016). Consistent bedtimes, morning sunlight, daily activity, and relaxing evenings appear repeatedly. For some people, slow-release melatonin or magnesium can help improve sleep maintenance (Ferracioli-Oda et al., 2013). However, the greatest benefits often come from simple routines: consistency, darkness, cooler rooms, and avoiding phone use at 10 p.m. Sleep isn't a luxury. It's essential brain maintenance (Mander et al., 2017). Stress: The Real Villain Chronic stress is like kryptonite for cognitive health (McEwen & Sapolsky, 1995). The main source of stress is not accepting what is. We argue with reality, and we lose every time. We revisit conversations. We resist change. We attempt to control others. Super Agers appear more accepting, not resignation, but realism (Sun et al., 2016) Here are some practical strategies to consider: Let them. (Thank you, Mel Robbins.) People will be people. You don't need to manage them. Save your energy for what truly matters. And remember: what people think of you... is none of your business. Calm isn't passive. Calm is protective. Gratitude also plays a role. Many Super Agers exhibit a distinct emotional tone: more grateful, less gripeful (Hill & Allemand, 2011) Life wasn't simpler; they simply didn't let bitterness steer the way. Relationships and Quality of Life: The Real Gold Standard Super Agers don't have more friends; they have deeper ones. Strong relationships are linked to better emotional regulation and preserved brain regions. (Cacioppo & Cacioppo, 2014) (Holt-Lunstad et al., 2010) And this isn't about extending life. It's about quality of life: cognitive, physical, and emotional well-being. Because no one wants a farewell-to-life party where nobody shows up because you've been miserable, bitter, or exhausting to be around (thank you, BR). Strong body. Clear mind. Warm relationships. A sense of humour that endures gravity. That's the win. 3 Practical Takeaways to Steal this Week If you want the super-ager approach without turning your life into a science experiment, here are three low-drama moves: Add intensity, not just activity. Keep your regular walk, but pick one segment to walk faster, take a hill, or add short brisk bursts. Your heart rate is the clue. Keep a learning thread running. Music, audiobooks, a class, a museum habit, a book club, anything that keeps your mind taxed in a good way and makes you feel curious again. Make "don't stand still" a rule. If you're avoiding something because you might look silly (a dance class, a new hobby, a new friend group), that's exactly the place to lean in, gently, but on purpose. Super Agers aren't chasing youth. (No one needs to see me in low-rise jeans again.) They're cultivating engagement. (Do you want to dance?) They move. They learn. They sleep well. They stay positive. They accept what is. They remain connected. They rely on the belt and suspenders. And most importantly, they don't wait for permission to live life to the fullest at any age. Yes, biology will win eventually. None of us gets out of this alive. But the real victory isn't in defeating what we can't control. It's in mastering what we can, for as long as we can, and living fully right up until biology takes its final bow. Don't Retire...ReWire! Sue Want more of this? Subscribe for weekly doses of retirement reality—no golf-cart clichés, no sunset stock photos, just straight talk about staying Hip, Fit & Financially Free.

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