However, there is an additional issue for those soon-to-retire Canadians who live in the hot markets of Vancouver and Toronto – where do they move to?
The report suggests that sellers in those areas are reluctant to become buyers there due to high prices. However, there is high expectation among younger Canadians that their parents will help them to fund their home purchase, putting further pressure on equity released from parents’ home sales.
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Homeowners approaching retirement may be forced to sell their homes to fund their retirement. That’s according to a report from Re/Max which shows that 56 per cent of 55 to 64-year-old homeowners are considering selling as they need the equity.