Home Ownership No Guarantee for Seniors' Financial Security

0:00It's March 25th. This is Canada News Today, local news powered by AI. A news survey in Alberta is shaking up the idea that owning a home outright means financial security for seniors. Researchers from the University of Calgary and the Angus Regroup pulled 715 people, aged 65 to 85. They found that 16% of those who own their homes free and clear have thought about selling just to make ends meet. Rising costs are hitting everyone hard, from renters to mortgage holders. One in five renters and people with mortgages said they struggled to keep up with payments. Experts point to inflation, higher daily expenses, and surprise home repairs as the main culprits squeezing budgets. Sociology professor Alex Bierman calls it a domino effect on planned retirement finances. He notes that home values might be high, but that cash isn't always easy to access. This challenges the old view of home ownership as a sure sign of stability.

1:00Seniors shared mixed stories at a Calgary Center. Some rely on pensions and savings to weather the storm without too much worry. Others have cut back on simple pleasures, like eating out, sticking to budget meals instead. As costs keep climbing, calls are growing for better government supports tailored to older adults. This survey highlights how financial pressures can touch anyone, own home or not, pushing for real changes ahead.