Research published in Statistics Canada’s Canadian Social Trends (J. Lin, “The Housing Transitions of Seniors,” 2005) found that those who waited until over age 65 before downsizing sold their homes in favour of renting, while those who downsized before they were 65 tended to stay owners.
Other trends are noted by Canada Mortgage and Housing Corporation in their recent Housing For Older Canadians publication are:
- the proportion of homeowners without a mortgage increases with age
- the proportion of older Canadians living in apartments increases with age
- activity may be compromised if a person has difficulty hearing, seeing, walking, climbing stairs, bending, etc. … the proportion of seniors with disabilities who require help with everyday activities increases significantly with age
- transportation options have to be considered as well … car ownership decreases with age
- many older Canadians own their home, which is often their most important asset when they retire
You may wish to consider:
How well can you “age in place” in your present home? Will you be able to successfully maintain it, even if you develop disabilities? Are there non-car dependent transportation options in place for you?
The statistics which show those who wait until past 65 before downsizing sell in favour of renting, while those who downsize before 65 tended to stay owners. may provide food for thought if your present home may not be optimal for you in the future. Talk to Barbara about your options if you have concerns.