A new study shows that today’s seniors are not selling up their family homes and downsizing to a retirement property; they want to keep on moving up!
The exclusive survey carried out by Equifax for the Financial Post shows that the number of Canadians over the age of 75 with a mortgage is growing.
The study reveals a 20% increase of over-55s with a mortgage in the past two years. In volume terms that’s 1.87 million, which is still relatively small.
For over-75s the average mortgage debt is $133,944, a rise of 11% in two years.