29 July 2019

“When this sector shows strong growth, many consider it a point of concern. The Canadian government believes it may distort the financial distress statistics,” – Better Dwelling noted.

The report followed OSFI’s previous data saying the outstanding balance of reverse mortgage debt in Canada rose by 28.25% annually and reached $3.66 billion in April.

Specialists say such increase is excessive amid lower results in other credit sectors. “And as Canada’s population ages, we’ll see more consumers without cash but with expensive houses entering the segment”.