William Lew Live-Dream-Play

Call or Text 604-862-1966 | EMAIL info@williamlew.com |

Downsizing may not be a golden nest egg for boomers


by Steve Randall20 Sep 2018

Canada’s seniors may be left disappointed by the costs and savings from downsizing their homes in retirement.

Of 1,870 homeowners over 55 polled by Ipsos for HomeEquity Bank, 39% said they were skeptical that they would save money by downsizing and 27% who had already done so said the costs were greater than expected.

Nearly half of those polled said they are not planning to downsize, with 93% of them happy with their current living arrangements.

"There are real costs to downsizing… financial, emotional and personal ones," advises Yvonne Ziomecki, HomeEquity Bank's Executive Vice President, Marketing. "From a financial perspective if you had to move outside your cherished neighbourhood or further away from family and personal support networks, it may mean you'll spend more resources to maintain relationships, to develop reliable new connections and to navigate life in a different setting.”

Regrets, I’ve had a few
Even among those who have downsized with 88% saying they are happy with their decision, they admit that there were unknown sacrifices and some regret.

Although only a third had intended to move to a new city/town when they downsized but almost half end up outside their current network and community. Older retirees are more likely to move to a new area when downsizing.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.