“People in B.C. are the least optimistic of Canadians across the country about their retirement, a new poll by RBC found. …
Nearly half — 45 per cent — said they are relying on selling their home to pay for their retirement.”
– ‘People in B.C. worried about their retirement, poll finds’, The Vancouver Sun, 9 May 2012
As we have been saying…
People in BC are over-dependent on their RE holdings for their future financial well-being.
So, imagine.. you’re 5 or 10 or 15 years from retirement, you’re dependent on the value of your home for your retirement funds, and housing prices start dropping… 10%, 15%, 25%… what do you do?
[Post-script: When you consider that only 70% of BCers own their homes, that 45% figure is massive… assuming the poll was a balanced sample, it means that over 60% of BC home-owners plan to sell their homes for retirement funds!]