Making your home part of your retirement plan might seem like a no-brainer, especially in some of Canada's hottest real estate markets. Surveys suggest about a quarter of Canadians expect their home to be their primary source of income when they retire. But financial experts warn there are pitfalls to look out for, whether you hope to downsize your home in retirement or to run your old home as an investment property. "If you look at the last 10 years, most people have had good timing with real estate," said Jim Yih, a financial educator at retirehappy.ca in Edmonton. "It's been a real bonus for some people. I talked to a couple of people in Ontario and Vancouver and it's a big part of their retirement plans." Yet, Yih says, bad timing can hit at any time, as can be seen in Alberta, where the plummeting price of oil has hit the real estate market, knocking back the price of homes. "It's a risk for those people who need or want some equity in their home or even just [are] planning to relocate," he said.

With that in mind, here are a few real estate don'ts from the experts. Though housing-market collapses might not be common, homeowners can't expect real estate to rise 10 to 20 per cent indefinitely either, said Matthew Ardrey, a vice-president with T.E. Wealth in Toronto. "Your house is only worth as much as somebody else is willing to pay for it," he said. "That's something to keep in mind." Ardrey says he is conservative when working with clients who are talking about downsizing. "In my financial projections, I do nothing more than just grow their real estate by the rate of inflation," he said. Ardrey also warns people to shave 10 per cent off the expected selling price, because you will lose it to real-estate fees, land-transfer taxes, legal fees and moving costs, as well as unexpected costs. "The couch doesn't fit in the new place," he said. A person selling a home in Toronto to move to rural Ontario might find themselves with $1 million extra in retirement.

But the reality is that many people change addresses within the same real-estate market, which is much less lucrative. ​Yih said people downsizing in the same city often aren't actually downsizing when it comes to money, especially when moving from a bigger, older home to a smaller, newer one. New retirement communities often have homeowners' association fees, which can actually make retirement more expensive than living in the old house, he said. "They're downsizing inside of Calgary and these new retirement places, they're brand-new, they've got all the frills and they're like, 'Holy cow, we've got to spend an extra 50 grand to get into a smaller place."' Yih said that if people want to live somewhere else in retirement they should start planning it years in advance. "You go and you vacation there and you visit there every year to see if you actually like it," he said. "And when you're there, go look at real estate." People who take that kind of approach have the easiest transition into retirement, Yih said.

Tom Feigs, a money coach with Money Coaches Canada in Calgary, said he knows of people who have decided to keep their house as a rental property, sometimes without thinking it through. He said looking after a property is a decision not to be taken lightly and warned against becoming an "accidental landlord." "You have to be able to stick with it for a period of time, and you have to be comfortable with that," he said. 33in Tires For Sale"It's a job and the job needs attention. Bobcat Kittens For Sale Houston TxSo if you're in a retirement lifestyle and you don't want to have a job, perhaps real estate is something that you want to move away from."Refurbished Hot Tubs Arizona He also said any retirees running rental properties should have an exit strategy.

"Know when to quit." Feigs said focusing too much on the sale of your house is dangerous, and instead retirees should have a mix of cash and low-risk investments, as well as longer-term investments like real estate. "It's not a good idea to have real estate as the only card in your deck, because it's not liquid," he said. "It's not easy to sell usually. It takes time, so you want to have some diversification."Retirement homes, Nursing homes, Home Care, Home Support, Nursing Home, Home for the Aged, Assisted Living, Long Term Care, Continuing Care, Chronic Care, Memory or Alzheimer Care...the list goes on and on. The choices available in seniors' housing include everything from living in your home, with home care, to progressively higher levels of support as we age. The Care Guide can help you through the maze. Click the map of Canada above to search for providers who offer the services you need, or look through the website to get a better understanding of the levels of care that are available - the full spectrum of choice.

Staying at home is the preferred choice of most of us when we age. That's why The Care Guide brings you information and resources to facilitate that. Everything from Home Safety, including safety proofing your home in general and for those with memory care issues, to renovations, like making accessible bathrooms, the tax incentives to renovate and more. We also give you information about Community Support Services, such as meals, social and transportation services, Adult Day Care, Senior Centres and Home Care Services that are available to make living at home easier for you and your caregiver. Health and Wellness gives useful information about Diets, Physical and Mental Exercise and Emotional Well Being. And our Caregiving Section addresses issues around caregiving. Community Support Services help to support a person's independence in their own home. Services are non-medical in nature and include meal preparation/delivery, transportation, security checks and friendly visiting.

They are delivered in your home or in the community by senior centres, adult day care programs, or others. Organizations that provide these Community Support Services can be both for profit or not-for-profit. Home Care refers to a wide range of services from home making supports to personal care and nursing care. Most of the home care is government funded home care that is provided to get seniors out of hospital or rehabilitation beds. If you need home care for yourself or a parent, you need to go through each provinces central access system. Private pay services are on the increase as families increasingly deal with caring for a parent, and are accessed directly through the provider. Try to set up the caregiving routine to meet the needs and mood of your older relative. Don't force him or her to take part in activities they don't want to, but encourage joining in those they enjoy. Becoming a caregiver to parents involves major changes for all concerned - physically, emotionally, socially and financially.

If you've decided that staying in your own home is best for you, the Care Guide strives to provide you with some resources to help make sure that you do that safely. Advances in medical technology have made it possible for you to live a third of your life after retirement. In 1970, life expectancy in Canada was 69.3 years for males and 76.3 years for females. Today, life expectancy in Canada is 78.8 years for males and 83.3 years for females. Retirement Homes refers to congregate living housing for older adults, typically private pay, that also offer care and other supportive services in independent supportive living, assisted living and memory care. Independent living for seniors refers to a housing complex designed exclusively for older adults. It typically refers to apartment accommodations - rental, condominium or life-lease that have minimal services. Independent Retirement Living with Support A seniors' residence that offers additional supportive services such as meals, social activities and housekeeping is referred to as "Independent Supportive Living".

It typically refers to apartment accommodations - rental, condominium or life-lease designed exclusively for seniors. In senior housing options - assisted living refers to the provision of services that allow residents to age in place, a retirement home with light to medium supports before having to move to a nursing home or long term care home. Assisted living services typically include personal assistance with bathing, dressing, grooming, washing, oral hygiene, eating, gentle reminders, help with the administration of medication and wayfinding for those with mild Alzheimer's disease or other dementia. Nursing services are typically provided. Costs may or may not be government subsidized. The places that provide care to the most frail in our society are referred to as Long Term Care Homes, Nursing Homes, Extended Care Homes, Intermediate Care Homes, Homes for the Aged, Old Age Homes, Special Care Homes, Residential Care Homes, Continuing Care Homes. They are for people who can no longer live independently and who require high levels of care, including nursing care and memory care.