Home is indeed where the heart is for Canadian Boomers, with 85% of Canadians aged 45+ indicating they plan on staying in Canada during their retirement, according to a special report issued Tuesday by the BMO Retirement Institute.

The report explains that, while Canadians often talk about a change of scenery during retirement, what happens in reality is very different. In fact, Canadians prefer to stay close to home, with only five per cent planning to relocate to the United States, two per cent to Europe and one per cent to Mexico, South America and Asia respectively.

The study also examined the factors that are motivating Boomers to relocate upon retirement and found the following key drivers: weather (57%); financial reasons (54%); proximity to family and friends (45%); and better access to healthcare/support services (35%).

“Regardless of what motivates an individual to relocate upon retirement, financial considerations need to be addressed and considered a priority,” says Tina Di Vito, Head of BMO Retirement Institute. “Relocation can be the cause of many new or additional expenses, including increased travel to see loved ones, and an elevated cost of living due to higher health costs and taxes.”

For those planning to remain in Canada, Victoria, B.C. remains the retirement capital of the country with 15% of Boomers indicating they would like to retire there. This was followed by: smaller towns in Ontario (14%); Montreal/Eastern Townships (11%); and the Greater Toronto Area (11%).

For Canadians planning on heading to the United States when they retire, Florida (49%) and Arizona (16%) are the most popular choices.

Residents of Alberta, Manitoba and Saskatchewan are more inclined to move compared to other provinces, with Albertans the most likely to relocate (61%).

Residents of Atlantic Canada are the least likely to relocate (37%), ranking proximity to family as the most critical factor, while residents of B.C. and Alberta chose housing costs.

IE