The majority of Canadians aged 65 and up want to stay in their current home throughout their retirement (93%) yet many feel pressured to sell so they can finance their twilight years, according to a recent survey conducted on behalf of Toronto-based Home Equity Bank.
“We know from talking to older Canadian homeowners that they are increasingly approached by door-knocking realtors and property peepers, wondering if the home is for sale,” says Yvonne Ziomecki, executive vice president for HomeEquity Bank, in a statement. “As older Canadians are living longer and realize the benefits of staying in their homes longer, they greatly value the sense of community, independence and the familiar comforts of home.”
HomeEquity Bank suggests that older Canadians might want to consider a reverse mortgage rather than selling.
The survey also discovered that 69% of seniors say maintaining independence is the central reason they want to live at home in their retirement. More than half (51%) of seniors aged 75 and above say it’s important for them to stay at home so they can remain close to family, friends and their community.
Lastly, 40% of the same group (adults aged 75 and above) say emotional attachments and memories are an important factor to stay in their home during retirement. About 24% of this demographic has been proactively approached by realtors to sell their home.
For this survey, Ipsos Research interviewed 1,349 Canadian homeowners.