The Ontario Securities Commission has a warning for those approaching retirement: don’t bank on rising home prices to fund your golden years. In a new report, the OSC found more than four out of every 10 pre-retirement Ontario homeowners over the age of 45 say they’re relying on an increase in the value of their home in order to properly fund their retirement, replacing prudent financial planning with blind faith in an extended surge in housing prices.

“Owning a home is not a substitute for retirement planning,” Tyler Fleming, director of the Investor Office at the OSC warned in the report.

In its study, the OSC found there were several characteristics common to those reliant on home price increases to fund their retirement. Notably, those who planned to retire in more than 10 years, homeowners with larger mortgage balances and smaller investment portfolios were the most likely to see their home as a key to a comfortable retirement. It also noted homeowners in the Greater Toronto Area, which has seen meteoric price increases, were the most likely to view their home providing for their retirement.