More Canadians Are Retiring with Mortgage Debt — Here’s What That Means for You
Courtesy of CTV News
For many Canadians, retirement used to mean freedom from the daily grind and from mortgage payments. But a recent Royal LePage–Leger survey tells a different story:
Nearly 3 in 10 Canadians planning to retire in the next two years say they will still have a mortgage.
Even more surprising? Almost half of them don’t plan to downsize.
This shift isn’t just a personal financial matter — it reflects larger concerns around affordability, housing policy, and retirement planning. But most importantly, it affects you and your future.
🧓 Why Are More Retirees Still Paying Off Mortgages?
There’s no single reason. For some, life didn’t go according to plan. One Ottawa resident shared how a health issue forced him into early retirement — before his mortgage was paid off.
Others are choosing to keep their mortgages intentionally because it still costs less than renting, or because downsizing in today’s market doesn’t actually save much money. In cities like Toronto and Vancouver, small condos often come with big price tags, making “downsizing” more about lifestyle than saving.
And then there are those who have taken on extra debt to help family — a growing trend among parents supporting adult children struggling to enter the housing market.
🔎 What This Means for You: A Real-Life Example
Let’s break it down:
Imagine you’re retiring at 65 with $1,200/month left in mortgage payments and $2,500/month in CPP and pension income. After utilities, groceries, and health costs, you might only have $200–$300 left over each month — and that’s before considering travel, emergencies, or supporting family.
Without a proper mortgage plan, you could find yourself in a position where you’re either dipping into savings too quickly or working part-time during retirement — a scenario many Canadians are now facing.
💡 How Mr. Mortgage Can Help
As a mortgage professional, I work with clients from all walks of life — including those approaching retirement. I help you:
Assess your current mortgage and future affordability
Explore renewal options that suit your retirement income
Strategize ways to consolidate debt or refinance responsibly
Evaluate reverse mortgage options or longer amortization periods
Plan ahead so you’re not surprised later
Whether you’re looking to retire soon or already in it, the earlier you plan your mortgage strategy, the better. It’s not just about rates — it’s about peace of mind.
📞 Planning Retirement? Let’s Talk.
If you’re nearing retirement and unsure what to do with your mortgage, don’t wait until you’re cornered by rising payments or limited options. Let’s create a plan that supports your lifestyle — not limits it.
📲 Call or text me at (647) 554-2718 Or DM me on Instagram
Together, we can make sure your mortgage supports your retirement — not the other way around.
