No Cap: Retirees Still Paying Mortgages is the New Normal 🏠💸

The Deets

Okay, so listen up, fam. Word on the street is that like, 29% of Canadian retirees are gonna be paying off their mortgages even when they're supposed to be chilling. Yeah, you heard that right. Retirement ain't what it used to be, no cap. Back in the day, it was all about kicking back with a paid-off house. But now? Things are kinda different.

Apparently, a lot of people are down to manage those mortgage payments, and they're hustling with investments, part-time gigs, or even a spouse still bringing home the bacon. Gotta respect the hustle, tbh.

But here's the tea: 46% of Canadians close to retirement are thinking about downsizing their homes. Condos are the go-to for retirees in Ontario trying to get that bag. They be wanting those single-level vibes, community perks, and to stay close to their squad and fam. It's all about that comfort and convenience, ya feel?

Soaring home prices have created financial gains but also increased mortgage burdens for older generations and first-time homebuyers are entering the market later in life.

The traditional view of retiring with a paid-off mortgage is becoming less common as Canadian household wealth surged to a new collective high. On average Canadians saw their net worth climb.