I was reading this article today and thought it was worth sharing.
As always, please consult your own Professional Tax and Estate Planning Expert together with your Real Estate Professional, before making a decision.
Real Estate prices in Canada have been soaring for the past two decades and that’s been good news for retirees who have cashed out of their homes and used the proceeds to fund their retirement.
But, with prices now sky high and many experts, including the International Monetary Fund, warning of a housing price decline, people may be wondering if whether the sale of real estate should factor into their retirement plan.
According to a survey commissioned by the OSC, many Canadians continue to rely on real estate to fund their golden years. The survey found that 76 percent of Ontarians 45 or older own their own home and among this group, nearly 37 percent say they are relying on the value of their home increasing to provide for their retirement.