https://www.theglobeandmail.com/business/commentary/article-housing-prices-retirement-plan-middle-class/John Turley‑Ewart’s column points out that falling home prices would hurt homeowners relying on their house equity for retirement.
In Canada, land and homes are bought and sold for profit. Developers and banks drive up prices, and working‑class families compete in an auction they can’t afford. Turley‑Ewart notes that mortgage‑based “saving” has become the only realistic path to a middle‑class retirement. This arrangement ties workers’ futures to interest rates and real‑estate bubbles. A 40-50% price drop would restore affordability, but it would also wipe out the “nest eggs” of current homeowners. That’s exactly the point: capitalism turns essential needs ‑‑ shelter, retirement security ‑‑ into financial bets.
Housing Minister Gregor Robertson insists on “stability” to protect existing homeowners. Stability here means preserving asset values for the property‑owning class.Turley‑Ewart highlights that fewer than 40% of workers have employer pensions, and most RRSPs/TFSAs don’t cover enough. He concludes that homeowners need their equity gains to retire.