Most Canadians love their home so much, that not even a lack of retirement income can persuade them to think about selling or tapping into their home equity. The mere suggestion is enough to raise their hackles.
Globe and Mail personal finance columnist Rob Carrick's recent article, in which he suggests five ways to tap into home equity when retirement savings fall short, notes that half of those who responded to an Investor Education Fund survey of homeowners aged 50-plus said they had never considered selling their home to generate retirement income, "and four in 10 people were unwilling to consider any one of five possible ways to exploit the equity in their home."
The Globe and Mail bounced the idea off readers in a poll, asking whether they would sell their homes to help fund their retirement. More than half - 54 per cent - of the 1,700 respondents said it would be their choice of last resort, and 15 per cent flat out said no, they would never sell.
"Seniors need long-term, near-permanent housing options where landlords cannot change terms. What the rental market offers and what seniors require are not in line," a reader wrote in the comments section.
"I like the idea of renting out my house while I live it up somewhere else, but I'm not sure I'm up for the hassle of being a landlord when I'm old," wrote another.
So, is downsizing a myth? The Globe and Mail would like to hear from readers who are for and against downsizing their homes in retirement. To leave a comment, please fill out the survey below.
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