Retirement May Be Changing What You Need in a Home - December 2, 2021

Retirement May Be Changing What You Need in a Home

The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. A recent report from Fidelity Investments Canada ULC indicates that almost three-quarters of retired Canadians (73%) and over half of Canadians approaching retirement (57%) indicated that Covid-19 has changed the way they live (or expect to live) life in retirement.

According to Peter Bowen, Vice-President for tax and retirement research with Fidelity:

"The global health crisis and the cost of goods and services going up are influencing how Canadians envision their retirement, what they value and are worried about, the timing of retirement and so much more,” said, in a statement.”

If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.
   

You Can Move Closer to the Ones You Love

The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) in the United States provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.

That trend is reflected by those retiring clients we work with in Canada as well. If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.
 

You Can Find the Right Home for Your Needs

Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.
 

Bottom Line

If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.

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