‘Not the right time’: Retirees delay downsizing plans as housing market slumps
Many Canadian retirees are delaying plans to downsize their homes due to a slumping housing market, with falling home prices and limited options available. A Re/Max Canada survey found that only 16% of Canadians aged 65 and older intend to downsize in the next decade.
Canadian retirees are putting off plans to downsize their homes as the housing market struggles. A Re/Max Canada survey of over 1,500 adults found that only 10% of Canadians plan to move to a smaller home in the next 10 years. Among those 65 and older, just 16% intend to downsize, while 57% plan to stay in their current home. The survey also revealed concerns about the availability of downsized housing options, with nearly half of respondents citing low availability in their communities. Real estate experts attribute this to a housing shortage, with policymakers and developers working to address the issue. As economic confidence improves, a downsizing wave may unfold gradually.
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