A new University of Calgary report is challenging the idea that homeownership guarantees financial security for seniors, finding many older Albertans who own their homes outright are still struggling with housing costs. The Social Policy Trends study, released in March by the university’s School of Public Policy, is based on a January 2026 survey of 715 Albertans between 65 and 85 conducted with the Angus Reid Group. It found more than one third of older homeowners worried they did not have enough money for home upkeep. The report says that was the most common form of housing insecurity cited in the survey. It also found 16.6 per cent of homeowners had considered selling their homes because of financial need. Alex Bierman, one of the report’s authors, said the findings run counter to a common belief that owning a home outright means a person is financially secure. “There’s a general assumption among both policymakers and the general public that owning your own home, especially in later life, is a sign that you’ve essentially, you’ve made it - you’re financially secure,” Bierman said. “We were shocked when we started looking at the data. Over one-in-three Albertan older adults who own their own home outright indicated that they were worried about paying for financial upkeep, and about one-in-six even considered selling their own homes due to their financial need.” Bierman said the issue is not always major emergencies, but the steady pressure of everyday costs. “I don’t think it’s so much these major life issues as it is the everyday, day-to-day need,” he said. “When we have a home, we need to continually invest in the home. There needs to be repairs, there needs to be upkeep.” “What’s happening here is essentially a domino effect,” Bierman added. “People are need to pay more for food, for gas, for daily living. That puts a squeeze on when we need to perform these upkeeps.” The report says one reason homeowners can still feel insecure is because the value in a home is often difficult to access. Bierman said that leaves many seniors feeling squeezed even if they appear asset rich on paper. “The issue here is that’s a locked in asset,” he said. “Even if theoretically, we have a lot of money in our homes, and we can’t necessarily access it immediately, and people are really feeling that financial squeeze.” The study says renters and people with mortgages also continue to face insecurity, with more than one-in-five reporting shortfalls in paying rent or mortgage costs. Larry Mathieson, executive director of Unison, said his organization sees those pressures regularly through its programs for seniors. “The housing costs are so high, but they’re day-to-day operating of their home,” Mathieson said. “I think a lot of people who thought, ‘We’ll pay off our mortgage, we’ll get kind of to the end, we’ll have this asset’ and it’s not. “The cost of groceries, the cost of utilities and everything is making that unrealistic for a lot of people.” Mathieson said even people who own their homes outright can still face difficult choices because housing costs do not end when the mortgage is gone. “Even a house that is fully paid for, yeah, is still a big expense,” he said. “That’s really the bottom line here.” He said many of the seniors Unison helps are living on low fixed incomes and are being forced to choose between essentials. “It’s not uncommon for us to hear people are making decisions between buying the groceries they need and buying the medications they need,” Mathieson said. “Or can I pay the rent and buy groceries?” Kris Sims, Alberta director for the Canadian Taxpayers Federation, said rising property taxes are adding to the pressure for some seniors. “Even for people who have paid off their homes, these double digit property tax increases are unsustainable,” Sims said. “A lot of folks are now worried about being able to afford just the property taxes alone, even if they’ve paid off their mortgages.” She said it is frustrating for seniors who expected owning a home would bring more stability in retirement. “We’re seeing even seniors who have paid off their mortgages now struggling to afford just their property taxes,” Sims said. “And these increases are outrageous.” Sims is particularly incensed by the Alberta Government raising the education property tax which she says is adding to the affordability crisis. “A lot of times, people, when they see a property tax increase, they just assume that it’s city hall,” said Sims. “In this case of the education property tax increase, it’s the province, and they need to own this.” At Unison’s tax clinic for seniors in Calgary, Alberto de Mayo said the cost of keeping his condo has climbed sharply. “It is very true detail. Keeping up my place is getting more expensive” de Mayo said. “The building management company raised last year 33.3% their condo fees.” De Mayo said owning a home still comes with ongoing obligations. “I made enough in order for me to be able to buy the place,” he said. “But then afterwards, it’s like a vehicle, if you don’t do maintenance on it, the vehicle craps out very soon.” He said higher costs are changing everyday decisions. “Even the cost of apples, I buy one as a treat now.” De Mayo said. ”Not as part of a healthy diet.” Natalie Levitt, another senior at Unison, said rising prices including home maintenance have cut into other parts of life as well. “There are things that I’d like to do that I’m not doing because of that,” Levitt said. “I like to travel, but no way.” “I have a daughter in Spain. I’d like to visit her, but it’s just too much money,” The report’s authors say the findings suggest homeownership no longer clearly separates financially secure seniors from vulnerable ones. They say policymakers should consider measures such as indexed income supports and reforms to property secured loans or reverse mortgages as older Albertans face growing housing insecurity.
