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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





28 November 2018

Reverse mortgage debt level keeps growing in Canada

According to the new report from the Office of the Superintendent of Financial Institutions (OSFI), total reverse mortgage debt load among Canadians rose from $3.035 billion in August to almost $3.07 billion in September.

OSFI says one of the reasons for such an increase was National Bank’s rise by about $427 million in reverse mortgage debt in November 2017.

In OSFI’s opinion, in case senior borrowing rates are true, the reverse mortgages debts will keep growing during the next several years.

September’s results were 43.98% higher than a year ago. Although the numbers are still high, we can see a certain decline from the 46.32% peak seen in February 2017.

The report by TransUnion shows that mortgage volumes among Canadians aged 73 years and older were up by 63% annually.

Meanwhile, mortgage activity among baby boomers (54-72 y.o.) was up by only 18%. In case of the 24-38 years old sector, the numbers dropped by 19%, and for the 18-23 demographic it was down by 22%.

 

 

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