Whatever happened to downsizing? Seniors borrowing more for larger homes

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. 
 

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