I think it's really important to remember that we are in a big intergenerational transfer of wealth, but there are older adults aging now who are very indebted. We have this idea that the greatest generation is whom we're serving, and it's not true. We're moving on to boomers right now, and the boomers owe on average about $1.76 for every $1 they earn.
This is a very different type of group that is aging. Conflated with that, not only are they retiring with mortgages; in some cases, we're seeing people retire with student debt and mortgages. On top of that, we're seeing escalations in many urban centres of a 40% increase in the cost of housing. In rural communities, where you might think it's cheaper to live, the reality of the circumstances is that many people cannot live in rural communities because the housing is too disaggregated from other community supports.
We are in a crisis situation right now, and even a small increase like the one that's being proposed can make the difference for many older adults between being able to be housed and being unhoused. We understand that the rates of homelessness for older adults in Canada are the highest they have ever been in the last couple of years.