How Does the Growth of Our Aging Population Affect Canadians?

Katherine Martin • July 21, 2017

According to the latest Statistics Canada’s 2016 census data released last month, Canadian seniors now outnumber children for the first time, with 5.9 million Canadian seniors compared to 5.8 million Canadians 14 years of age or younger. The number of Canadian seniors is expected to continue to grow because of the gains in life expectancy.
As the only financial institution in Canada working exclusively with seniors, we often conduct research studies to get direct insight into the behaviour of the Canadian aging population. HomEquity Bank’s latest research study (May 2017), The Home Stretch: A review of debt and home ownership among Canadian seniors indicated that 91% of Canadians over 65 prefer staying in their home throughout retirement, however 78% have savings and investments, and only 40% of those have less than $100,000 set aside.

What does this mean for aging Canadians?

Canadian seniors are getting more comfortable with their debt, with many financing their lifestyle with debt. In this study by HomEquity Bank using Equifax data, it shows that among Canadian seniors, 15% still carry a mortgage, 30% carry unsecured lines of credit (LOC) and 10% have a home equity line of credit (HELOC). The total debt average for seniors is $29,973, which translates to $15,493 per Canadian senior.
On a geographical basis, British Columbia has the highest debt balance for seniors with an average of $41,054 per person compared to the national average of $29,973. This is due primarily to a higher mortgage debt. On average mortgage debt per senior mortgage holder in B.C. is $128,338 compared with the national average of $95,737, with 17.7% of the senior population in B.C. still holding a mortgage.
Moreover, Canadian seniors now rely heavily on government and other retirement benefits during their retirement.
– 77% rely on the Canada Pension Plan as their primary expected source of income;
– 73% rely on Old Age Security; whereas only
– 57% are drawing upon their RRSPs;
– 48% have a work pension; and
– 48% have savings

How can a CHIP Reverse Mortgage help?

The growing senior demographic in Canada prefers to age in place in the comfort of their home, despite their limited savings for retirement. The CHIP Reverse Mortgage from HomEquity Bank, provides a way for Canadians aged 55+ to unlock the value of equity in their home. Seniors can consolidate their existing debt and finance their retirement while continually protecting a portion of that equity, and they can help relieve the financial burden on their children.
Unlike a loan or conventional mortgage, the CHIP Reverse Mortgage from HomEquity Bank does not require any monthly mortgage payments, not even interest payments, and is only repaid once the homeowner(s) no longer live(s) in the home (when they move, sell or pass away). A reverse mortgage is a great solution that provides access to tax-free cash when Canadians need it the most and best of all, they get to remain in their memory filled homes for the remainder of their lives.

To read the complete HomEquity Bank and Equifax study on Debt and Homeownership from May 2017, click here.

For more info, contact your Dominion Lending Centres mortgage specialist.

 

This article was written by HomEquity Bank – Senior Vice President, Marketing and Sales Yvonne Ziomecki. It was originally published here on June 6, 2017

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


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By Katherine Martin • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

Fell Behind on a Payment? Don’t Panic—Here’s What to Do

By Katherine Martin • October 21, 2026
Missed a Credit Card or Line of Credit Payment? Here’s What to Do If you’ve missed a payment on a credit card or line of credit and you’re worried about how it might affect your credit—or your future mortgage—this is for you. First things first: 👉 If you currently have an overdue balance, log in and make the minimum payment now. Seriously. Do that first. Everything else can wait. If You’re Only a Few Days Late Here’s the good news: Credit bureaus don’t record late payments until they reach 30 days past due. So if you missed a due date by a few days and paid it as soon as you noticed, it typically won’t show up on your credit report as a late payment—as long as you’re under the 30-day mark. That said, it never hurts to double-check. You can call your credit card company, explain what happened, and confirm the account is back in good standing. If you normally pay on time, they may even reverse the interest charged. It doesn’t hurt to ask. If You’re 30, 60, or 90 Days Behind If payments have gone past 30 days, your credit has likely been impacted—but the situation is still fixable. The most important step is to: Bring all accounts current as soon as possible Make at least the minimum payment on every account The faster you catch up, the more you limit the damage. Ignoring missed payments only makes things worse. If Cash Flow Is Tight If you’re struggling to make payments, communication matters. Contact your lender and keep them informed—even if you can’t pay right away. Lenders are far more willing to work with you when you’re transparent. What hurts your credit most is silence . If lenders don’t hear from you after repeated missed payments, they may write the balance off as bad debt and send it to collections. Collections can significantly impact your credit and stay on your report for years. How This Affects Mortgage Qualification Repeated missed payments can make qualifying for a mortgage more difficult—but timing matters. Once you’re back to making regular, on-time payments: Your credit can improve over time The impact of past mistakes becomes less significant If you’re planning to buy a home in the next couple of years, addressing credit issues early gives you far more options later. Final Thoughts Missing a payment doesn’t mean you’re “bad with money,” and it doesn’t mean homeownership is off the table. What matters most is how quickly you respond and how consistent you are going forward . If you’d like help reviewing your credit report or understanding where you stand from a mortgage perspective, feel free to connect. I’d be happy to walk through it with you and help you create a clear path forward.
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