Eyeing the largest and most wealthy segment of Canada's population, several major banks have been researching what the baby boomers are planning to do as they head to their retirement years. Studies have looked at their mortgage situation, whether they plan to downsize or move out of the province or the country and exactly when they intend to retire.

Boomers, born between 1946 and 1965, represent more than 10 million Canadians, almost a third of the entire population. They started turning 65 in 2011.

A TD Canada Trust report says that 39 per cent of boomers who plan to retire in the next three years still have a mortgage on their home, but two-thirds of boomers say they will retire mortgage-free.

"If you're approaching retirement and still have a mortgage, it's important to examine your options to make sure you can pay it down," says Farhaneh Haque, director of mortgage advice for TD Canada Trust. "There are repaying strategies that can help you pay down your mortgage faster such as increasing payment amounts or frequency and supplementing regular payments with lump-sum amounts."

Of those boomers who plan to move, 41 per cent say they won't need a mortgage for their new home. Sixty-eight per cent say they will put down as large a down payment as possible, 44 per cent will increase the frequency of their payments and 34 per cent will opt for a shorter amortization period.

"As part of your overall retirement planning, speak to a mortgage expert, in addition to your financial planner, about ways to balance paying down your mortgage and building your retirement nest egg," says Haque.

A CIBC report suggests that younger Canadians – those aged 25 to 34 – believe they will be able to retire based on savings that they will accumulate over their working life. But boomers aged 55 to 64 are not so sure.

"As Canadians get closer to retirement, many are finding they have not achieved the retirement savings goals they set for themselves, which could lead to them either working longer than they anticipated, or making adjustments to their retirement such as reducing expenses to stretch income further," says Christina Kramer, a CIBC executive vice-president. "These findings demonstrate the importance of having a plan in place and making progress toward your goals every year, to give you the flexibility to make choices about when and how you retire."

On average, CIBC found that most Canadians believe they will retire at age 63. Only 15 per cent of those aged 25 to 34 believe they will carry debt into retirement, but in the 55 to 64 age group it's 31 per cent.

With almost 40 per cent of Canadians planning to move when they retire, there should be plenty of work for real estate agents during the next decade. In B.C., 43 per cent say they will move as part of their retirement strategy. Twenty-four per cent of B.C. residents will downsize to reduce their housing costs. In Ontario, almost 30 per cent will downsize because their current home is too big, but another 30 per cent say they won't move soon because they believe their home will increase in value.

In Ontario, 17 per cent of boomers say they won't be moving because they still have adult children living at home and they need the space.

"If you have adult children living at home, consider asking them to help with the mortgage payments. If they are living with you to save money, their contribution to your household finances would probably still be less than they would pay in rent elsewhere," says Haque.

A BMO study asked boomers where they plan to retire, and found that 85% plan to stay in Canada. Five per cent plan to move to the U.S., with Arizona and Florida the most popular destinations. Quebecers were most likely to consider a move to the U.S.

Boomers in Alberta, Manitoba and Saskatchewan are most likely to say they would move to another province, with B.C. the most popular destination. Residents of B.C. and Ontario are the least likely to consider moving to another province.

BMO points out that moving to another province or to the U.S. may have major implications on your finances and estate planning. "For instance, a continuing power of attorney that is valid in Ontario is not necessarily accepted in Florida or Arizona, and a will that was prepared when you and all your assets were situated in Quebec may no longer be adequate when you reside elsewhere," says the BMO report.

"If you plan to move to a different Canadian province, a review of your health care coverage, provincial tax differences and the adequacy of your estate plan is crucial."

The market is fraught with scary headlines and ominous news reports. Could the economy slip once more into a recession? Will home prices fall even further? It's enough to make even the bravest buyer a little squeamish.

The truth of the matter is that now is a fantastic time to buy. Interest rates are wonderfully low and affordabilty rates are at record highs. Not only that, but there are plenty of homes on the market. Now is a great time to move up if you play host to the right set of circumstances.

In order to evaluate if now is the time for you to buy, consider these five issues.

1. Interest Rates: Low rates translate into smaller monthly payments and less money over the long-term. Interest rates look to be low for the foreseeable future, but in the next few years we could see rates climb back upward. If you have excellent credit, you'll likely qualify for an exceptional rate.

2. Why are you buying?: This is an important question to spend some time pondering. Don't move on a whim. What is the real need to move? Many move-ups need more space, want to claim a more prestigious address, or are ready to settle down for good and want to be exactly where they've always dreamed. Perhaps your current home is unable to be remodelled to accommodate your wants and needs. Regardless of the reason, be sure to spend ample time thinking about what move is best for your family.

3. Equity: Home values have fallen across much of the country and this could mean the equity you had built over the past few years is gone. Talk to a local real estate agent about the current market value of your home before deciding if now is a time to buy. Most sellers aren't willing to take a loss on their home. The good news? If you've owned your home for many years (at least five) then chances are you do indeed still have equity.

4. Financial Stability: Moving up can mean bigger payments or heftier bills (energy costs, property taxes, etc). Are you ready to take on this new responsibility? Be sure that you have steady employment, adequate retirement savings, an 8+ month emergency fund, as well as savings for down payment and other closing costs.

5. Family Concerns: There are many different stages to life and at each of these stages one must consider how actions will affect family members. A family with young children will need to consider school districts, sports teams, and friends. A couple nearing retirement may want to consider the needs of children or grandchildren that live nearby. Buying a home is about much more than making a sound financial decision, it's about creating the sort of life you desire.

Moving-up can be part of the fulfillment of a life long dream. Many couples simply can't wait for the day they step inside their perfect home. Now is a great time to make those dreams a reality, just be sure to toss in a little sensibility with your dreaming.

Today's market presents some very unique opportunities for sellers. With affordability near record highs and interest rates near record lows, many homeowners are making the decision to move up or on. Here a few simple tips to take into consideration when listing your home for sale.

1. Curb Appeal: Buyers make snap judgments about each home they view. These judgments are drawn largely from first impressions. Be sure your home has impressive curb appeal. Fresh flowers and mulched beds, along with trimmed hedges and grass are a must. If your home needs a fresh coat of paint, now is the time. And even if your paint or siding is in good repair, consider painting your front door an eye-catching color, such as red or blue.

2. Inspection: An inspection can make or break a deal. Even after they've fallen in love with your house, a buyer may decide foundation issues or faulty electrical are too much of a headache. The benefits of having an inspection done prior to listing can be two-fold. First, your buyers will be aware of what repairs are needed before they make an offer. Second, you can choose to address these repairs and therefore have them removed from the scenario altogether.

3. Repairs: Buyers are turned off by long lists of needed repairs. This goes double for time-consuming and costly repairs, such as roof work or foundation issues. By identifying and addressing the issues, you may be able to yourself save time and money in the long run.

4. Organize Paperwork: There may be contracts or warranties you have on your home that will transfer to a new buyer. These can include appliances, builder warranties, and even contracts with lawn and pool companies that were paid up-front.

5. Talk to your lender: How much new home can you afford? Are you able to sell your home for enough to cover the remaining balance of the loan? These are important questions to get answered prior to listing!

6. Prepare for showings: Staging a home for sale has multiple different layers. First, you should clean and organize. Have carpets cleaned and repaint dirty or loudly coloured walls. Next, remove large and bulky furniture, as these make rooms appear smaller. And finally, take down personal pictures, trophies, and memorabilia that could distract the buyer from what they are actually interested in ... your house!

Every seller needs a competitive edge in today's market. By being prepared for selling prior to listing, you can gain an advantage. Talk to your real estate agent for more tips!

Today's sellers may face challenging conditions in many markets, but that doesn't mean choosing to sell is a bad idea. There are many reasons to sell and most are good ones.

Here are ten tips to get you on your way to getting your home sold.

1. Hire a Professional. This is no time to be navigating the rough waters of the real estate market on your own. You want someone who can help you accurately price your home, bring in potential buyers, handle contracts, and market your home to the masses.

2. Fully Disclose. Are you selling because your current home needs more work than you can handle? Are there infestation problems you'd rather not talk about? You must disclose all of these facts to potential buyers. If they find out after the fact that you withheld information you could be in a whole heap of trouble.

3. Be Realistic about Pricing. It is much wiser to price a home correctly from the start of the selling process than to have an overpriced home sit on the market for months only to have to do a price reduction. You get much more traffic on a well-priced home and newly listed home.

4. Detach Emotions. Sellers may have the inclination towards adding sentimental value to a home. They see the memories and work they've put into a property and think every buyer should recognize this. This kind of attachment will make it harder to make smart and timely decisions about offers.

5. Be Involved. Yes, you've hired a professional to handle the legwork and legality of your sale, but you'll rest much easier at night if you understand the process and all that is going on. Be sure to have regular conversations with your agent.

6. Stage your Home. Staging is a perfect way to help buyers see the true potential of each room. This may mean, however, that you have to tone down your own style and pack away any clutter or extraneous decor.

7. Don't Hover. Sellers can put a lot of heart and soul into staging and getting a home ready for the market. They might want to hang out during an open house. Resist the urge. This makes it very uncomfortable for buyers. So, during showings of any kind, be sure to make yourself scarce.

8. The Next Step. Are you going to be buying another home? Have you decided to rent? Under normal sales, you'll have plenty of time to make arrangements, but you also might get a buyer who needs to move in right away. Be ready to take your next step.

9. Be Flexible. It's no secret that today's market can be challenging for many sellers. Some markets have seen sharp price declines and shallow buyer pools. This means you need to be flexible on both price and terms. Don't compromise on your bottom line, but understand that you must be willing to negotiate.

10. Positivity. Focus on the good in today's market. Pull your attention to the feedback you get from your agent and prospective buyers! Most of all, don't get discouraged. You will find a buyer!

Selling in today's market can be tough, but rewarding! So, whether you're selling to move up, downsize, or are following a job, be sure to keep these ten tips in mind for smooth sailing.

Is your den feeling dreary? Does your kitchen have too much kitsch? Take a moment to read these tips for sprucing up your home.

From time to time, or decade to decade, your home may start to look a little dingy, cluttered, or out-of-date. Have no fear! There are a few simple, inexpensive ways to update rooms for your own enjoyment or to impress buyers!

First, de-clutter and reorganize. It’s amazing how much "stuff" we can accumulate over time. Ask yourself what you really need. Plus, there are some great charities that would love your "stuff". The Goodwill Store, Salvation Army, and many local churches accept donations all year round.

A good way to get started on a massive de-cluttering is to remove everything from a room. It may seem extreme, but this way only a few select items return to the room. Designate another room, such as your garage, as the staging area. As you go through room to room this will probably start to fill up. That’s okay. It’s liberating to simplify your life!

As you go about putting things back into rooms, consider picking an overall theme for your home. Do you have a traditional aesthetic? Do you have a more modern sensibility? It helps for a home to have cohesion. Pick a style or age of furniture, patterns, and colour and stick with them.

Another great sprucer is painting. Paint, depending on the brand, can be pretty cheap! Plus, there are thousands of colors. Choose neutral palettes to give small spaces big appeal. Choose reds and warm tones to invoke intimacy and conversation. Use bright, bold colors to inspire creativity.

Paint has a great way of erasing dirt and grime, which builds up over time no matter how clean and careful you are! If you have children, you probably have tiny little Picassos on areas of your walls or baseboards. Paint can breathe new life into tired walls.

Plus, today’s market offers great zero-voc options in the paint aisle. These paints don’t harbour the same toxic fumes that traditional paints do. They are safe to use in children’s rooms and throughout the whole house. Traditional paints can leach fumes into the air for years to come, while zero-vocs are eco-friendly.

Finally, a slightly more time intensive project is replacing flooring. Carpet gets old and can harbour mould and grime after a decade of use. Linoleum doesn’t carry its’ same shine after 20 years of traffic. Is it time for an upgrade? Hardwood floors are beautiful and last a lifetime. You could choose to opt for a more affordable option in wood laminate. You get the same beautiful look, but at a budget-friendly price. Plus, laminate is easy to install yourself.

No longer is there an automatic last move for boomers—that is, being moved into a HOME. No longer is there a "last stage" of adult life that dictates an end to independence and to living in a home you love. Aging in place, or staying in your own home as you age, even if you need support to do so, is now a globally-accepted trend.

This means that where you chose to live can have a significant impact on how you live and how you enjoy the decades ahead. Each housing choice has the potential to be your last. Not because you cease to exist, but because the search to satisfy needs and lifestyles ends with a home that is difficult for you to top.

An individual or couple could choose to move often and frequently, or they might find one dream-satisfying location and adapt it over the years. Your future may lie somewhere in between. The more flexible your housing choice, and the more fulfilling the neighbourhood that surrounds it, the fewer reasons there are to move.

However, when the "kids have grown and gone" family headquarters becomes less desirable or less financially practical, townhouses, condominium units, and rental apartments remain popular alternatives. What has changed for 20th Century lifestyles is:

• The ever-increasing array of condominium choices from bungalows, estate houses, and townhomes to high-rise multi-level suites, amenity-rich hotel rooms, and resort suites. Search out the ideal urban or recreational location, here or anywhere that captures your imagination. You could also own one or more units and move between them with the seasons.
• The expansion into a new spacial alternative instead of downsizing, or moving into a smaller unit. Up-sizing or buying something larger, whether a house or condominium, is a viable choice for many. This may also involve sharing responsibilities and privileges with other family members or extended family or friends.
• A growing list of ownership alternatives that include shared ownership variations for unrelated buyers and purchases of fractions of title which equate to weeks or months of ownership per year. More on fractional ownership variations and related lifestyle options in a later column.

You will not necessarily know when you've found that best-place-to-stay home until you've lived in it for at least a few years. View each real estate purchase with a long-term lens. We've all met people who still mourn the long-ago sale of a property. Perhaps that happened to you?

A Short List of Long-Term Considerations

Here are key long-term factors to consider every time you buy and before you sell, just in case this is the one. The list also offers useful discussion points for constructive conversations with parents or children as they contemplate real estate purchases or sales. Mulling these ideas around makes everyone smarter buyers, sellers, and owners:

• When you buy as a couple, what would each do if they became the surviving owner? If this is a solo purchase, what would your choices be if you became a couple? Would this work for two, or would the property be ideal as a rental property?
• What long-term needs or wants are compromised by the decision to buy or sell?
• What might happen to property value between the time you buy and decide to move on? Decades of steadily-escalating real estate values can lull us into believing real estate will always increase in value over time, or, at very worst, hold its value. The investment caution about not keeping all your financial eggs in one basket applies to real estate, too.
• What long-term municipal official plans and development patterns are in play to change and to preserve aspects of the neighbourhood and its environs, including its water shed? Local environmental groups and government agencies are good sources, online and off, for these investigations.
• Which institutions and organizations in the area will preserve variety and quality of life over time? Mental stimulation and life-long learning are acknowledged standard requirements, so how will these needs be met? How committed are you to ensuring that technology remains an enabler for your lifestyle, financial needs, and wellness goals?
• Which stereotypes about aging and retirement are holding you back from truly embracing the possibilities of extended living in the 21st Century? What will the outcomes be if all goes as well as possible? What could put those outcomes at risk?
• How far into the future can you imagine? When you bought or moved into your current home, how far into the future were you looking? Look back one and then two decades to review priorities and choices. Hindsight can reveal your strengths and weaknesses at forward thinking.

Housing with a "retirement" label is not your only choice for the future. When it includes stairs and other design barriers it may not be as practical as necessary. Retirement is a concept from previous centuries that was not held in great regard then. In this century, extended living is the new reality. What type of housing do you need to make the most of these new age-free lifestyles, whatever they involve?

If you're selling your home then you should know that one of the popular rooms that tops buyers' favourites list is the kitchen. So it makes sense to spend time, energy, and even a little money to make it shine!

That thought can make some sellers cringe. The thought of spending money to fix up a kitchen in a home that they're about ready to sell is unpalatable. However, it could make the difference between a buyer making a higher offer or even any offer at all.

Kitchen makeovers don't need to make your blood boil and break you out in a sweat, fearing the loss of money that will soon be drained from your bank account. You can tidy up your kitchen and even give it a fresh, stylish, updated look, on a frugal budget.

It starts with simple things….the kind of tasks you can do yourself…..

Deep cleaning. Nothing beats a deep cleaning. This means pulling the refrigerator out from the wall, moving furniture and giving the floor, baseboards, crown moulding, walls, back splash, counters and all surfaces a good scrubbing. It's amazing how much crumbs and other debris accumulate in the kitchen (even in a well-cared-for kitchen there's usually a fair amount hidden in between appliances).

Scrub down the appliances. It's so unattractive when you walk into a listed home and you can tell what the family had for dinner just by opening the oven. Think buyers don't open your appliances? Think again! They're considering your home as their own. They will check out your refrigerator, oven, kitchen cabinets, and your closets. So, be careful what you stuff inside them. We often caution sellers to remove medication from your cabinets before having an open house. We know it's more work but it's safer and retains your privacy.

Buy hardware in bulk. You don't have to hire a remodelling company to come in and resurface your cabinets or replace them; that can be very costly. Giving them a deep cleaning or painting them (depending on their surface) can be an excellent way to freshen them up. Then, if you have worn-looking or outdated hardware, buy some knobs. When you buy the hardware in bulk you can often get a better price and easily replace them to give your cabinets a better look.

Experiment with custom high-end additions. Sounds like I'm talking about high-priced additions but actually you can head to a mass retailer and find additions like trim and even plate rack shelving that has a custom, high-end look at a moderate price. Then clear the clutter out of those cabinets and shelves and display beautiful plates in a spacious plate rack. Think of what you're used to seeing in a print or TV ad for home decor. It's like a computer ad that shows the solo computer without all the wires - clean, elegant, attractive.

Add moulding to your cabinets. This can turn an every-day looking cabinet into a chic kitchen look. Painting your cabinets can give the entire kitchen an upscale look. However, be sure you know what kind of paint will adhere to your cabinets.

Custom hood range. Adding a custom hood range – again it doesn't have to be outrageously priced – can really complete the look of your kitchen. It's a subtle difference that makes it look and feel more like a high-end remodelled kitchen.

A bit of planning and careful budgeting can go a long way in creating a kitchen that sparks an interest in prospective buyers.

Homeowners reflect their optimism for the future in their paint choices, according to the latest colour trends released by Canada's paint manufacturers. While they disagree about the top colour of the year – one says red, one says blue – they agree that vibrant colours will soon be gracing the walls of homes around the country.

"The 2012-2013 paint colour palette is full of take-charge optimism," says manufacturer Sico. "Our need to take charge – influenced by our public sharing of personal information through social media, being more aware of our impact on the environment, or taking time out from our busy lives for quiet meditation – is reflected in a paint palette dominated by reds, greens and neutrals."

CIL also uses the term "take-charge optimism" in describing its latest range of colours. "This translates into full-bodied hues with lots of character and meaning, but also into tender, hushed pastels, chic neutrals and edgy brights, which complement each other in stimulating new ways."

PPG Pittsburgh Paints says, "Homeowners reluctant before will take the plunge – or the leap – into deep and vivid hues this year. On a quest for intensity, they will inject their décor with deep indigos like Blue Tang, saturated reds like Rum Punch, sharp pinks like Tutti Frutti and almost-neon yellows like Citrus Space."

CIL says "the colour of the year is a blushing, lively, juicy red (called Tea Dance). This radiant shade is the most important colour for 2012 as it is at once whimsical and serious, dynamic and soft, perfect for a tiny accent or for a feature wall. A colour that can be many things to many people reminds us not to look for simple solutions, but to open our minds to new ideas that are waiting to be discovered.

Beauti-Tone Paints, a division of Home Hardware, is also big on red this year. It says its Red Review shade "is an exciting rich new red, blended with the deep, delicious hues of raspberries. A very liveable red that exudes strength and stability."

But Benjamin Moore paints (www.benjaminmoore.ca) says the colour of the year is Wythe Blue. "Much more versatile than you may think, blue is truly a classic colour," the company says. "It has universal appeal, never goes out of style, and is overwhelmingly chosen as a colour favourite across North America. It evokes the sea and sky, physically calms us and symbolizes trust and commitment."

A Vancouver painter, Warline Painting Ltd., says the hot interior colour trend is purple. The company says it has been used in accessories for the past year and now is being featured in show homes. "I think purple is sexy," says Warline Painting's Heidi Nyline. "When it is used in the right way it isn't feminine or too girly. It works to create living rooms with a cool and modern vibe or bedrooms with a smoky and sultry feel."

The paint companies always have some fun with the names they choose for their paint colours. Last year, the best names went to Beauti-Tone, for their musical names Greyful Dead, Going Gaga and I Got You Beige. The company continues that theme this year with its Green Day, Rolling Stones and Blue Suede Shoes hues.

However, the best names this year are from Para Paints, with Hottie (reddish), Hoola Hoop (yellow) and Mammas Boy (grey). We also like Behr's Retro Recall names, "a snapshot of the past and present technological world," which include LOL Yellow, Reboot, Level Up and Game Over.

Most homeowners, when decorating, ignore the latest trends and go with the colours they like. Beauti-Tone says neutral greys and browns are still the most popular paint choices. Next most popular is green.

The Paint Quality Institute says patterned paint is also going to be popular this year, with "hound's tooth finishes, lacy designs and bold colour blocking techniques." Patterns can be used as both the main decorating feature in the room or as a textured backdrop.

The institute says the classic combination of black and white is also making a comeback, "in all sorts of settings, from contemporary apartments to historic homes. The pairing is a great way to freshen an interior with something smart and stylish."

Colour zoning is another hot feature. It involves painting one part of a room – such as one wall or an alcove or interesting space – in a bright colour to contrast with a more neutral shade in the rest of the room. It draws attention to the space to highlight artwork or the shape of the wall.

If you just can't decide what colours you like, most paint manufacturers offer website tools where you can pick different colours and see how you like them in virtual rooms online.

There are so many different homes to choose from during the buying process. How can you be sure to make the right choice?

From condos, downtown neighbourhoods, suburbs, and country homes, there's a perfect fit for every buyer.

To make the best decision you need to be sure to really give time to your decision making process. Yes, your gut can take you in the right direction, but don't be one of the many buyers that falls prey to listening only to their hearts, ending up biting off more than they can chew!

Some homes need more work than others. This goes double for older homes. The price tag might be appealing or you might love the styling of the home, but keep in mind that much of a home's value is actually in its condition.

This is why it is imperative to have an inspection done on any home you are considering buying. Additionally, you should have a clause in your contract that states if the inspection comes back unsatisfactorily that you, the buyer, have the right to end the contract to buy.

Different homes also come with different lifestyle factors. Some buyers love the idea of having everything within walking distance. They like spending their extra time meeting friends for dinner and drinks or perusing the latest art exhibit. Could a condo be a good fit? It's a definite possibility.

Homeownership comes with its share of time intensive responsibilities. Lawns need upkeep. Repairs need to be made. A condo can give you the location you desire without all the extra maintenance you'd find with a single-family home. That means extra time for the things that really matter to you!

Condos, while low maintenance, however, can also have their downsides. You will share walls, common areas, and amenities with neighbours. If you are an extremely private person, then condo living may not be for you.

Do you prefer a more isolated setting? Many people love the idea of country life. Just keep in mind that the further you are from people, the further you are from grocery stores, hospitals, and restaurants too.

A suburban lifestyle has gained popularity over the last 20 years. Cities expanded to welcome their growing populations that wanted, and could afford, newer homes with their own nearby shopping centers. School systems can be very good and most areas boast lovely street designs thanks to urban planning.

The real key is to decide what lifestyle is best for you and your family. Once you've decided this, you'll be able to zero on the best location. Next, be sure to consider more than just the price tag of a home. Consider upkeep costs, area taxes, needed repairs, and even future saleability. Do your due diligence and you're sure to make the right choice!