More Canadian Seniors Have Mortgages Than Young Adults

In a surprising shift, more Canadian seniors now have mortgages than young adults under 35. According to the Bank of Canada's 2024 mortgage data, nearly half (49%) of mortgage debt is held by those aged 45 to 64, while another 26% is owed by people between 35 and 44. Together, these two age groups account for 75% of the country's mortgage debt.

Interestingly, seniors aged 65 and older hold 14% of mortgages, slightly outpacing the 12% held by those under 35. This is a big change from previous generations, who were more likely to own homes before 35.

Looking at mortgage originations (when the loan was first taken), 52% of current mortgages were taken out by borrowers under 45, but only 23% were taken out by those under 35. Today’s young adults are much less likely to own a home at the same age compared to previous generations.

Seniors aren’t just downsizing in retirement—they’re carrying mortgages longer. Despite representing 14% of mortgage holders, only 7% of loans were originated at age 65 or older. More seniors are simply holding onto their mortgages as they age, with reverse mortgages becoming an increasingly popular option.