While the study examined housing insecurity more broadly, the top concern wasn’t rent—it was the cost of maintaining a home. Here’s a closer look at what’s making homeownership harder for seniors, and a practical roadmap for adapting your finances.
Homeownership no longer guarantees financial security
Owning a home is often seen as a financial safety net—especially compared to renting. But for many seniors, that sense of stability is starting to erode. The University of Calgary study revealed that 34% of senior homeowners are worried about affording upkeep for their homes, and 16% have considered selling their homes due to financial pressure.
Those findings align with what Ben McCabe, founder and CEO at Bloom Finance, is hearing from seniors firsthand. “Two-thirds of seniors feel financially vulnerable, and 40% of Canadians approaching their retirement years are thinking of putting it off or returning to the work force,” he said.
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So, what’s driving this insecurity? McCabe noted that high property taxes, a high cost of living, and years of inflation eating away at savings are all taking a toll. For many seniors, much of their wealth is tied up in their home. Without a clear way to access that equity, they may feel financially strained and strapped for cash.
How Canadians plan to pay for retirement
For many seniors, home equity is just one piece of the retirement puzzle. Most are relying on a mix of income sources to make retirement work. According to the 2025 Retirement Stability and Financial Support survey by Bloom and Angus Reid, here’s how Canadians say they plan to fund retirement:
What seniors can do to alleviate financial strain
“It’s easy to feel overwhelmed, especially if you spent your career in a 2% [low -inflation] environment and retired to find a much higher cost of living,” McCabe says. His first recommendation is to get a clear picture of your cash flow through a visibility exercise.
That starts with more than a basic monthly budget. Instead, take a closer look at your upcoming expenses and sort them into three categories:
Need to have: Essential costs like housing, food, utilities, transportation and medication
Nice to have: Discretionary spending you enjoy but could scale back if needed
Not right now: Larger or non-urgent expenses that can be delayed or saved for over time
This exercise helps you identify whether you’re facing a shortfall and, if so, by how much. With a clear number in mind, it becomes easier to evaluate your options: adjusting spending, managing debt, or finding additional income.
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For some seniors, this could mean delaying retirement or downsizing to reduce monthly expenses and stretch retirement savings further. For others, it could involve accessing home equity without selling. A reverse mortgage, for example, can provide a lump sum or monthly payments, which are typically repaid once you move or sell the home.
Some newer products also offer more flexible ways to access smaller amounts of equity over time. For example, certain lenders provide prepaid cards linked to home equity, allowing homeowners to borrow modest amounts as needed while continuing to live in their homes. Bloom offers a Home Equity Prepaid Mastercard that lets you borrow up to $2,000 of your home’s equity every month.
The bottom line
If you’re a senior feeling the strain of rising costs, you’re not alone—but don’t forget that you have options. Start by getting a clear picture of your budget, and consider speaking with a non-profit credit counselling agency that can help tailor advice to your situation.
With a few adjustments to spending and a thoughtful approach to accessing home equity, many seniors can strengthen their financial stability and ease some of the day-to-day pressure.
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