Good morning. Many Canadians want to stay in their homes as they get older, but few are prepared for the financial and emotional costs. As our population ages, The Globe and Mail’s Aging Well series explores the country’s longevity economy. The idea of “aging in place” is in focus today, along with the protests in Iran.

Mining: Ontario fast-tracks Canada Nickel’s Crawford mine permitting in response to U.S. trade war

Energy: Canada’s biggest energy producer, Canadian Natural Resources Ltd., is poised to purchase Alberta natural gas properties owned by Tourmaline Oil Corp.

Consumer affairs: A consumer advocacy group is attempting to break up Live Nation Entertainment using a new provision in the Competition Act

Politics: As Mark Carney makes his first trip to China as Prime Minister, he is being urged to raise the case of media tycoon Jimmy Lai, who has significant business interests in Canada

Hi, I’m Meera, The Globe’s retirement and financial planning reporter.

I’ve been on this beat for a year now and one topic has followed me from day one: Aging in place.

The desire to age at home only intensified after the pandemic, which put a spotlight on issues of neglect and isolation in long-term care and retirement homes. Add in the fact that Canada’s population is aging rapidly, and it’s clear why this topic keeps coming up.

A survey by HomeEquity Bank found that 90 per cent of Canadians over 45 want to remain in their homes as they age. But only 13 per cent have actually planned for the cost of in-home support, such as personal care workers.

Here’s the problem: Many people underestimate what aging in place actually costs.

Think about it. Homes often need to be modified with grab bars, stair lifts and wider doorways, or families may need to move out entirely. Personal support workers don’t come cheap. Over time, those costs can easily run into the hundreds of thousands of dollars.

The pressure of an aging population is only going to grow. Over the next two decades, the number of Canadians aged 85 and older could triple to nearly 2.5 million, according to Statistics Canada. The Canadian Medical Association projects that by 2031, the cost of long-term and home care will reach $58.5-billion, almost double what it was in 2019.

For this story, I spoke with families across the country living this reality. I even travelled to Windsor to meet one of them in person.

Cathy Soda, 64, invited me into her home to speak with her and her father, Fred, 92. Cathy had planned to retire this year from her banking job and downsize. Instead, when her father became ill and could no longer live alone, she stayed in her job to afford a bigger house – one that could accommodate her father’s wish to age at home, and her 27-year-old son as well.

“Financially, it’s a bigger burden for me than for anyone,” said Soda, who lives in LaSalle, Ont., just outside Windsor. “But that was my choice.”

What’s harder to put a price tag on is the unpaid labour. Aging in place often relies on children or partners who quietly put their own lives on hold, caring for loved ones for free, while often spending significant amounts of their own money. One woman I spoke with told me she depleted her savings multiple times, spending more than $100,000 to care for her parents.

After the story ran, a reader who cares for their partner emailed me something that stuck:

“I have always felt that no one understands the toll placed on caregivers unless they have done it themselves.”

I asked experts what families can do to plan better and earlier.

Here is some of their advice:

1. Start the conversation as soon as possible. Many families end up scrambling during a crisis. Instead, start discussions early about what parents want, who might take on caregiving, how much support will be needed and what provincial or federal tax credits could help.
2. Be clear about who’s paying for what. Poor planning often means one person shoulders more than they expected. Those financial responsibilities should be discussed upfront.
3. Take an honest look at the home. Does it make sense to renovate, or would moving be safer and more affordable in the long run?
4. Save conservatively. Some planners suggest assuming you’ll live until 95, not 83 (the average life expectancy) and building in buffers for inflation and rising care costs.
5. Look carefully at income options. More Canadians are turning to reverse mortgages or home-equity lines of credit to fund aging in place. These tools can help but the interest costs can add up quickly.

Deciding where to live as you get older may feel like an individual choice. But as I learned reporting this story, it’s also one of the biggest financial decisions families will ever make, and one that’s far easier to manage with eyes wide open.