“Many Canadians entering retirement find themselves with a significant portion of their net worth tied into their principal residence. Home ownership in many ways is the national symbol of success. Most clearly remember the first home they purchased, and it’s hard forget the years of forced savings to pay down the mortgage.
So it might seem a bit ridiculous now that the house is fully paid off, and you finally have time to enjoy it, for someone to suggest that you sell it.
But for some, this is the only way they can ensure a comfortable retirement. In first getting to know our clients we ask for a net worth statement that lists all assets and liabilities. The challenge we are seeing is that homes represent 50 to 80 per cent or more of their net worth.”
– from ‘Comfortable retirement? It’s time to sell your house’, Kevin Greenard, Victoria Times Colonist, 14 Aug 2012 [hat-tip kabloona]
What percentage of Vancouver homeowners aged 55 – 65 have “50 to 80 per cent or more of their net worth” in their homes?