Current homeowners prefer aging in place – survey

More than nine out of 10 (91%) Canadian homeowners have said that they are planning to remain in their current abodes for as long as possible, according to a poll by HomeEquity Bank and Ryerson University’s National Institute on Ageing.

A major driver of this decision is an impending retirement savings crisis that threatens older generations, HomeEquity said in the report announcing the survey results.

“Canadians are increasingly reporting concerns about having inadequate financial resources and outliving their retirement savings,” the report said. “The COVID-19 pandemic has exacerbated concerns about financial security in retirement. Nearly one in four Canadians now say that COVID-19 has affected the timeline for retirement, for either themselves or their spouse, and that they will have to work longer in order to address the shortfalls.”

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