Older Canadians are stymied by the process of buying and selling property, moving, land transfer fees, and downsizing furniture and other household items
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Some clients are stymied by the process of buying and selling property, moving, land transfer fees and of course, downsizing furniture and other household items.from the Canadian Foundation for Financial Planning found that people who have a strong emotional attachment to their house are more likely to want to remain in that house during their retirement years. Only 26 per cent agreed or strongly agreed with the idea of using their house to partially fund retirement.
Some also consider the basic economics. For years, homeowners, especially those in major urban centres, counted on selling their house at top dollar and downsizing to a cheaper location, using the proceeds for retirement or other ventures. But with real estate sales slowing and high interest rates and inflation affecting the buyer pool, those days of easy money are over, says Mr. Ferris. Sellers may come ahead with a slight profit but not as much as before.
“If downsizing is not going to put that much more money in their pockets, they’re asking is it really worth their while to sell?” she says. Her advice to clients is don’t downsize for the sake of downsizing, and know what you are downsizing to. Ms. Porter has discussions with those clients about the softer but crucial issues such as familiarity with the city, support systems and health care.
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