Retiring in Canada is comfortable, but you might have to invest in some home renovations. Most Canadian seniors want to retire in the family home as they age, but often 58% contribute to home renos and retrofit areas of the home as part of the aging process. Let’s checks out the facts of the study.

The HomEquity Bank Study

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The Retirement Study of Canadians aged 55+, conducted by HomEquity Bank and The Brondesbury Group in February 2015, detailed 47% of pre-retired and 56% of retired participants stating that “staying in my home is critical for my quality of life.”

Here are the facts of the study:

  • 58% of participants claimed that improvements would be required.
  • 46% subjects claimed that minor renovations would be required.
  • 11% claimed that major renovations would be required.
  • 44% of subjects who said that home improvements would be needed, stated that kitchens and bathrooms would have to be renovated to make it more accessible.

Accessibility Considered Important When Making Home Renovations

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According to Vince Agovino, Executive Director, AGTA Home Health Care, accessibility remains the top priority when it comes to seniors remaining in the family home.

Here are parts of the house that retirees focus on when doing home renovations:

  • Better accessibility from the main floor to the second floor
  • Improving accessibility from outside to inside the home
  • Renovating the home to include a full bathroom on the main floor

So do you agree or disagree with the areas of the house that retirees renovate? The HomEquity Bank, the only Canadian bank who cooperate with seniors, assists retirees stay in their homes through its CHIP reverse mortgage solution. Elderly people can supplement their income through a reverse mortgage by contributing monthly or lump sum payments.

Where you are you planning to retire? At home? Or at a seniors home? Let us know your thoughts by posting your comments below.