55+ complexes why?

[Bsuds]

Let's be honest - no 36 year old is marrying somebody 55+ unless he won a lottery, and in that case they're probably move to a nice building

My Dad's second Wife was 6 months younger than my sister.

[MAPearce]

I'm 56 and got totally hit on by a 38 year old AND ,

Dudes don't count.

umokyeah ... Not that kinda guy ... Sorry .

[MAPearce]

Let's be honest - no 36 year old is marrying somebody 55+ unless he won a lottery, and in that case they're probably move to a nice building

My Dad's second Wife was 6 months younger than my sister.

So it happens , right ?

[drstephens]

Deleted

[MAPearce]

I wouldn't go that far .. I'm 56 and got totally hit on by a 38 year old AND , I certainly haven't won the lottery .

Well I did when I got married ...

I think 55 plus is just a gimmick .

This never happened

yeah , yeah Vax ...

And you're NOT an MD .

[0g0p0g0]

IMO the problem with these 55 + complexes is that the age limit can't be enforced ?
For example if a Grandparent leaves their unit to a Granddaughter who is 30 yrs. old & she wants to live there for a year in order to save taxes the 55+ rule goes out the window.

Thats very much NOT TRUE. Dont spread lies https://www.surreynowleader.com/news/wo ... ted-condo/

[Even Steven]

...in order to save taxes the 55+ rule goes out the window.

There's no tax savings for living in 55+ buildings

[Catsumi]

...in order to save taxes the 55+ rule goes out the window.

There's no tax savings for living in 55+ buildings

As a Sr, using the discounts for my age, I pay 100.00/annum.

Never mind taxes. I am just counting myself as unbelievably fortunate to have found a 55+. Condo at a reasonable price, top floor, spacious hallways and living units, quiet as can be (often feel like I am only resident), locked underground parking, beautifully kept grounds and plantings, lots of storage in unit and in basement, hot water included, reasonable monthly fee, no animals allowed. Enforced. Thoroughly.

After selling last home i decided to rent….never will do that again.

In meantime, prices have risen for everything, but our condo fee didn’t, thanks to a terrific Council.

[captkirkcanada]

i would move in to one right now if i was 5 years older. they still have affordable real estate . if you look at the mobile home listings the 55+ parks are dirt cheap compared to the rest of them

Yea that is true

[0g0p0g0]

i would move in to one right now if i was 5 years older. they still have affordable real estate . if you look at the mobile home listings the 55+ parks are dirt cheap compared to the rest of them

Yea that is true

Yeah and you dont own anything but an old worn out trailer from 1981. Which they can kick you out of at anytime if on Native land and with 1 year notice otherwise.

Not exactly an investment or relaxed retirement living.

the trailers are not any cheaper between 55+ and family parks. In fact the cheapest appears to be Jubilee - a family park (also an enormous dump)

[GordonH]

Yea that is true

Yeah and you dont own anything but an old worn out trailer from 1981. Which they can kick you out of at anytime if on Native land and with 1 year notice otherwise.

Not exactly an investment or relaxed retirement living.

the trailers are not any cheaper between 55+ and family parks. In fact the cheapest appears to be Jubilee - a family park (also an enormous dump)

Plus being fire trap that goes up in minutes.

[seewood]

I can give you some reasons why mum and her partner did years ago. Smaller grounds to look after and their strata fees paid for lawn mowing and bush/tree trimming. About 1600 ft2 detached rancher, no stairs. Clubhouse with two pools, pool tables, bridge. Very social groups. Some social functions worked for them and some did not.
Very reasonable initial cost of house compared to a detached fee simple house like what they sold.
Gated community so a sense of security.
They loved it.

[Advantage]

Maybe I’m missing something but I’m not sure the OP and some of the responders understand that the 55+ condos are just private real estate? Same as purchasing any condo, there are different bylaws, pets, rentals, noise restrictions etc. in this case age is one of the restrictions.

“Even Alberta got rid of that”. What are you talking about? Google 55+ complexes Alberta and there are plenty of condos you can buy. The Government doesn’t have anything to do with it. It is PRIVATE REAL ESTATE.

A 55+ complex may have less expensive units because there is a smaller market to sell too. If for some reason a 55+ complex changed their bylaws to not have age restrictions then there would be more demand and the condos would be at the same market price as condos without age restrictions...

And yes, the age limit is enforced. The purchaser SIGNS A CONTRACT. If someone under 55+ moves in for whatever reason the strata would fine the owner monthly (or estate if the owner has passed) until it is resolved. There would be a lien on the unit for the fines to be paid so it couldn't be sold until they are paid up.

[Babba_not_Gump]

So what's the problem with these 55+ condos?
Are some of you feeling left out?

If so, fear not, you'll be there in no time.

[one wheel]

Even Steven every time I post anything you go out of your way to throw my comments under the bus.

What I was referring to when I mentioned about a 36 year old Granddaughter moving into a 55 + building in order to save taxes is that when anyone inherits a condo or detached house it must either sit empty for 1 year or be lived in by that person otherwise they must pay an inheritance tax.

Now maybe you can dig deep & find something to contradict me about about this as well ?