Rather than downsize, retiring boomers hope to stay put

If you read the headlines, just about every urban boomer is leaving the suburbs behind and moving into condos or lofts in a trendy downtown area. Yet there's little evidence that most Canadians are actually that open to the idea of moving into a smaller residence as they grow older. A majority of Canadians aged 50 and over – 83 percent – said staying in their own homes and paying for home care is the most appealing option for them, according to Royal Bank research. Even then, while the majority of us want to ''age-in-place'', this doesn't necessarily mean that we expect to stay in the same house. Most people are attached less to a particular pile of bricks and mortar than to a local area – to a network of friends, services and familiar places. Among those who were already retired, a decision to move out of their home was most often due to a change in their health – 66 per cent – rather than to cash in on their home equity or get closer to restaurants. Remaining in familiar surroundings – in a home of their own, in their current neighbourhood and close to family and friends – is definitely how Canadian Boomers wish to live when future health changes occur,” says RBC head of retirement and aging strategies Amalia Costa. Then there's the emotional pain of scaling back. Many empty nesters find they lack the stomach or stamina to dismantle their lives. They'd rather hang on. They struggle with sorting through all those boxes in the basement or dread listening to adult children who want to keep the house where they grew up.And isn't always the financial bonanza they expect. With fewer square feet to heat, low and pay property taxes on, many downsizers assume they'll slash their monthly expenses. But unless you're willing to move to a part of the country with a lower cost of living, the savings may prove fairly modest.Do you plan on downsizing in the future or have you already made the move? How are things working out so