Majority of seniors prefer aging at home, but few understand the true cost
A growing number of older Canadians are expressing a clear preference for aging in place, even as rising costs and lack of awareness around in-home care present significant challenges.
An overwhelming 90% of respondents would choose to remain in their own home with support services rather than relocate to a long-term care facility. The sentiment has grown stronger in recent years: 82% said they would only consider assisted living if they could not afford in-home care, a five-percentage-point increase from just two years ago.
The reasons behind this preference are not difficult to understand. Aging at home often offers more autonomy, a familiar environment and closer proximity to family and community. However, while the desire to stay at home is common, many seniors remain in the dark about the financial reality of such a choice.
According to data from HomeEquity Bank, nearly two-thirds of Canadians aged 65 or older are unaware of the actual costs associated with in-home care. Depending on the level of support required and the region, hourly rates can range from $19 to $75 — a wide margin that could quickly strain a fixed income or unprepared household budget.
The disconnect between expectations and reality underscores the importance of early financial planning. Without a clear understanding of potential care expenses, many seniors risk being forced into institutional care despite their preferences.
Experts warn that as the population continues to age and demand for eldercare increases, costs are likely to rise further. With more Canadians planning to remain at home, public awareness and education around long-term care costs will be crucial in helping families make informed decisions.
Smart investing starts here
Get 100 free online equity trades with promo code EDGE100 when you open a CIBC Investor’s Edge account by Sept. 30, 2025. Click now to unlock 100 free trades and take control of your investments.
Get started todayThe importance of personal support workers (PSWs) in home care
As Canadians increasingly prefer aging in place, the role of Personal Support Workers (PSWs) becomes more critical. According to HomeEquity Bank, 93% of Canadians aged 45 and older agree that PSWs positively impact the lives of Canadians of all ages .
However, despite the high regard for their work, PSWs often face challenging working conditions. A study published in the Canadian Medical Association Journal Open highlights that many PSWs experience precarious employment, low wages and job insecurity, which can lead to physical and mental health issues.
These challenges underscore the need for comprehensive discussions about the costs and support structures necessary to maintain quality in-home care. Recognizing and addressing the realities faced by PSWs is essential to ensure sustainable and effective care for aging Canadians.
Survey methodology
The survey of 1,001 Canadians aged 45 and above was conducted on behalf of HomeEquity Bank by Ipsos from May 2 to 5.
With files from Leslie Kennedy
Get up to $500 when you open a Tangerine Chequing Account
From July 8–14, score up to $500 in bonuses when you open a Tangerine No-Fee Daily Chequing Account. Enjoy unlimited transactions, free Interac e-Transfers®, and no monthly fees—plus a limited-time cash bonus. Claim your $500 bonus
