By: Helen Burnett-Nichols | The Globe and Mail | October 18, 2022
Read More, and see what Scott Plaskett says about What happens when retirees can’t sell their homes
While the real-estate pullback has been challenging for many Canadians, Scott Plaskett, CFP and chief executive officer of Ironshield Financial Planning in Toronto, who works with clients across Canada, thinks retirees who always planned to make a lifestyle change by selling their home are unlikely to hold back from doing so this year.
But the move may require more patience as it may take longer for retirees to realize proper value for their properties, he adds.
For advisors, he says, helping retiree clients gain clarity by updating their financial planning model with current market values so they can see the impact of changes on their long-term goals will allow them to proceed with confidence and properly manage their real estate exit.
“Then they understand ‘okay, we just need to do this’ – whatever ‘this’ may be for them,” he says, adding it could be holding out a bit longer so they’re not in such a panic to sell or investing in a bathroom upgrade to increase the value of their home when they do sell.
“It just allows them to be a little bit more proactive.”
