Active Life: The financial pitfalls of downsizing

It’s counterintuitive to the advice that is generally given to retirees, which suggests that once the kids move out, it’s best to sell your home and free up some cash. If you’ve owned your home for more than 20 years, chances are you stand to make a huge profit. However, there can be unforeseen financial challenges when downsizing that can end up costing you more money than you anticipated. A survey of Canadians over the age of 50, by Ipsos* and commissioned by Home Equity Bank, found that 27 per cent of those who downsized said that the costs were more than they expected. Another four in 10 said that they were skeptical about the savings as it related to downsizing. Read More....


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988