Seniors struggle to downsize due to Nova Scotia’s hot rental market

The lack of affordable rental properties in Nova Scotia is delaying some senior homeowners trying to downsize.

Canadian Association of Retired Persons (CARP) spokesman Bill Van Gorder says that’s only adding to the chokehold on the housing crisis.

He tells CityNews Halifax that many retirees want to downsize to apartments but Halifax’s hot rental market is pricing them out.

“Up until recently when usually a couple decided to sell the house and afford to buy an apartment, it would not only downside for them and be more convenient, it would mean other people could buy that house,” says Van Gorder. “That’s not happening now.”

He says if seniors can’t afford to move out of their homes, young families or homebuyers will continue to struggle finding an affordable place to purchase.

Van Gorder also says assisted living is not a viable option for most seniors since that arrangement is also expensive with limited availability.

This comes as recent Statistics Canada data showed overall inflation can’t keep up with the pace of rental rates in Nova Scotia.

Overall inflation went up 3.4 per cent in the province while rent in the province grew an average of 7.5 per cent in July compared to last year.