Stay-home seniors skew retirement home outlook
August 3, 2018
Stubborn seniors are skewing the outlook for the retirement residences market in Canada by opting to stay in their own homes when they retire. But the trend could prove a boon to the home renovation sector.
A recent survey done for HomeEquity Bank by Ipsos found that 93 per cent of Canadian homeowners aged 65 or better said they want to live in their current homes in their retirement years.
The survey, conducted between June 15 and June 18, 2018, found that 69 per cent of senior homeowners in Canada wish to maintain a sense of independence. Meanwhile, 51 per cent said that they want to stay close to family, friends, or their communities, and 40 per cent pointed at emotional attachments and memories as their motivation for staying in their own home.
This desire to age in place has resulted in higher renovation spending among older adults. Altus Group found that homeowners aged 65 or older account for 25 per cent of all renovation spending in Canada where home equity lines of credit were used, while another 38 per cent of such spending was made by those aged 50 to 64 years old.