Broad majority of older Canadians wish to stay in their current homes

Over nine in ten (93%) Canadians aged 65 and above feel it is important to stay in their current home throughout their retirement, according to a new IPSOS poll commissioned by HomeEquity Bank.

As most older Canadians wish to remain in their current homes, HomeEquity said inquiries about reverse mortgages are on the rise, having doubled from 2016 to 2017. For the lender, a reverse mortgage is not a loan of last resort, but a tool older Canadians can leverage to help them retire more comfortably in their homes.

Further data revealed that 69% of the same age group said maintaining independence is the number one reason why it is important to stay in their home during retirement. “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,” said Yvonne Ziomecki, HomeEquity Bank executive vice president.

When asked about who has approached them about selling their home, the leading response was realtors, with close to a quarter of respondents (24%) aged 75+ have been proactively approached by realtors about selling their home.

More than half (51%) of people aged 75 and over declared it was important to stay close to family, friends and/or their community as a key reason to stay in their home during retirement, while 49% of the same group cited emotional attachments and memories as an important factor to stay in their homes.

Results of the poll came from an online survey of 1349 Canadian homeowners aged 18 and above conducted last June.