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The securities regulator in Canada’s largest province is sending out a warning about counting on the equity in your home for retirement planning.

The Ontario Securities Commission (OSC) said Monday that a survey it commissioned found 45 per cent of pre-retired homeowners in the province are relying on the value of their property increasing to fund their retirement.

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“Owning a home is not a substitute for retirement planning,” said Tyler Fleming, director of the investor office at the OSC, which found homeowners without any retirement savings or plan are among those most likely to be counting on value of their home appreciating.

The survey found 76 per cent of Ontarians 45 or older own their home and among this group of homeowners, nearly 37 per cent say that they are relying on the value of their home increasing to provide for their retirement.