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Plan on retiring but still paying off your mortgage? We want to hear from you

Plan on retiring but still paying off your mortgage? We want to hear from you

Many Canadians are heading into retirement still paying off their mortgages—and it may not be by choice. A recent survey found that nearly three in ten Canadians planning to retire within the next two years expect to still have mortgage payments when they leave the workforce. Despite nearly half saying they don’t plan to downsize their homes, rising home prices and the financial needs of family are keeping them tied to monthly payments.

This trend isn’t just a choice—often it’s a necessity. Housing costs in cities like Toronto and Vancouver have risen sharply over the past decade, making it harder for people to fully pay off their homes before retirement. Many retirees carry mortgages because they’ve helped their children with housing or because downsizing still comes with a high price tag. Even moving to a smaller property doesn’t always reduce costs as expected.

Personal stories reveal the financial struggles involved. One man planned to retire debt-free at 65 but had to stop working early due to long-COVID. He said his financial planning had been solid, but life threw unexpected challenges. In Winnipeg, a woman moved to a smaller community to prepare for retirement but still expects to work part-time just to manage her mortgage payments.

Some retirees have found that carrying a mortgage isn’t always a bad thing. One woman in Ottawa said her condo mortgage is cheaper than rent would be, so she’s fine renewing it for another five years. Others have taken part-time jobs just to meet mortgage renewal requirements, even though they already receive pension or retirement income.

Not everyone is comfortable with the burden. A 72-year-old woman in Winnipeg works full time to support six people in her home—none of whom pay rent—while still covering mortgage payments. A firefighter in Niagara Falls expects to retire with mortgage debt but feels investing the extra money is better for his long-term security, even if it means staying in debt longer.

This raises big questions: Should people aim to be mortgage-free by retirement, or focus on building investments and flexibility? Traditional advice leans toward being debt-free by the mid-60s to ease stress and protect retirement savings. But many Canadians are finding that the answer isn’t so simple. If you’re heading into retirement with a mortgage, your story might help others facing the same decision.