Amid soaring prices, retired Canadians are staying in their homes: ‘This is a wake-up call for all of us’

Many older Canadians are not prepared for the high costs of home care, home repairs, and the lack of capital that selling their home would have freed up. They require new approaches, such as delaying Canada Pension Plan/Quebec Pension Plan benefits, considering a reverse mortgage, and purchasing insurance.

Others can’t move because the costs of new dwellings are not much less than the homes they’re in. And they don’t want to leave their neighbourhoods where they have access to friends or health care providers. “Condo prices in some areas aren’t much less,” says Mr. Heath. “I’ve been hearing: ‘I can’t downsize in my own neighbourhood.’” For example, in the Don Mills area where Ms. Shears lives, condos can fetch as much as $1.1-million, and the average property price is $1.4-million.

So people like Ms. Shears stay – and hope for the best.

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