
Mortgage-free retirement? Not so for 29% of soon-to-be retirees
A third of Canadians approaching retirement in the next two years expect to keep paying their mortgages after they have stopped working, a new report by Royal LePage shows.
A survey of 1,626 Canadians conducted by real estate firm Royal LePage in May found that two per cent of Canadians expect to retire in 2025 and three per cent in 2026. Of these, around one-third (29 per cent) say they will continue to pay down their mortgage into their retirement years.
Less than half (45 per cent) of people retiring soon have already paid their mortgages off and only six per cent said they will be able to pay off their mortgages before retirement.
Another 18 per cent said they do not own their primary residence, and the rest said they either don't know if they'll pay off their mortgage before retirement or don't know.
Story continues below advertisement
'This generation is far more likely to have carried mortgage balances that would have been unimaginable to their parents or grandparents,' said Phil Soper, CEO of Royal LePage.
Soper said while the 'bank of mom and dad' has helped younger Canadians, it is taking a toll on some getting closer to retirement.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy
'Our research confirms they are also much more likely to have provided financial assistance to their children to assist in their home ownership dreams,' he said.
4:28
House hunting amid economic uncertainty
However, this will not be as much of a strain on some Canadians, Soper said.
'While previous generations may have viewed mortgage-free retirement as the only option, today's retirees tend to be more open-minded. Traditional employment income may have dried up, but many are still comfortably managing their expenses and servicing mortgage payments, with income from investments, part-time work, or a working spouse,' he said.
Story continues below advertisement
Of those approaching retirement (five per cent of respondents) or those who have already retired (28 per cent of respondents), there was a roughly even split between those who plan to downsize and those who don't.
'Downsizing in retirement is far from a given. For many homeowners, the decision to stay put or move to a smaller property is influenced by a combination of economic realities, lifestyle needs, and personal attachments,' said Soper.
According to the report, 47 per cent said they don't plan to downsize withing two years of retiring, while 44 per cent said they do. The rest were not sure.
The most popular downsized dwelling was a standard condominium, with 43 per cent saying they would prefer to downsize to a condo and a quarter (25 per cent) preferring to downsize to an senior living community.
Only 16 per cent said they would live in a detached home and 11 per cent said they would prefer live in an attached home. The rest were undecided.
Condominium prices have been dropping rapidly in some of Canada's hottest housing markets. According to one report, condo prices will have dropped by 15-20 per cent in the Greater Toronto Area by the end of the year, compared to a 2023 high.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Global News
an hour ago
- Global News
15 Quebec auto workers win $20M Lotto Max jackpot
A group of 15 Quebec car dealership coworkers in Trois-Rivières, Que., are now millionaires after winning the $20 million Lotto Max jackpot last week. The life-changing win was celebrated Tuesday when the group was officially awarded their cheque of $1.3 million A statement from Loto-Québec said the winning ticket was purchased as part of a group play from Marché Express on rue de la Diversité in Les Chenaux. The retailer that sold the ticket will also receive a $200,000 bonus — 1 per cent of the total prize. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'This is tremendous news for our region,' said Isabelle Jean, executive vice-president and chief operating officer of Lottery Operations at Loto-Québec. 'It's wonderful to see a Lotto Max jackpot won here, and even better that it's being shared among a team of hard-working individuals. Loto-Québec has already made nearly 60 millionaires this year alone.' Story continues below advertisement Christian Dessureault, who usually organizes the group ticket purchases, was the first to check the numbers early the morning they won. 'Here's your pension fund,' he joked as he distributed shares of the ticket to his colleagues. One worker said they planned on buying a house with the money and another — who is close to retirement age — said he decided to hand in his resignation early and was planning on travelling with his RV. Another, who had been searching for a used fridge before the win, now said she has her sights set on a lakeside cottage. In 2024, Loto-Québec awarded $1.7 billion in prizes across the province.


Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
In the news today: Trump's tariffs remain in effect, Canadians critical of Israel
Here is a roundup of stories from The Canadian Press designed to bring you up to speed… Trump's tariffs to stay in effect amid appeal A federal appeals court agreed on Tuesday that U.S. President Donald Trump's sweeping global tariffs will remain in place while a case is heard — extending an emergency stay granted after a lower court found the devastating duties unlawful. The United States Court of Appeals for the Federal Circuit found 'a stay is warranted under the circumstances.' It provides a temporary victory for the Trump administration as it hits its first legal barriers for realigning global trade. 'The Trump administration is legally using the powers granted to the executive branch by the Constitution and Congress to address our country's national emergencies of persistent goods trade deficits and drug trafficking,' said White House spokesman Kush Desai in an emailed statement Tuesday. 'The U.S. Circuit Court of Appeals' stay order is a welcome development, and we look forward to ultimately prevailing in court.' Poll suggests Canadians critical of Israel A new poll suggests that nearly half of Canadians believe Israel is committing genocide in Gaza almost two years after the current conflict began. In a survey conducted last weekend, the polling firm Leger asked Canadians and Americans a series of questions about the conflict in the Gaza Strip. The polling comes as the federal government is under pressure to take concrete steps to condemn Israel's actions in Gaza and the West Bank. Leger asked respondents whether they 'agree or disagree that Israel is committing genocide in the Gaza Strip' based on how they 'define what constitutes a genocide.' Feds look to boost weak summer jobs market The federal government is moving to shore up a historically weak summer job market for students — even as one economist argues tough employment prospects for young people suggest broader softness in the job market. Statistics Canada shone a light on the difficult employment prospects for students heading back to school this fall in its May jobs report last Friday. Roughly one in five returning students aged 15 to 24 was unemployed in May, the agency said. The last time the jobless rate for students was this high outside the pandemic was in May 2009. Also on Friday, the federal government announced an expansion of the Canada Summer Jobs program, which offers wage subsidies to businesses hiring young people for seasonal work. Concern in Canada after U.S. vaccine panel fired Canadian doctors and scientists say Robert F. Kennedy Jr.'s firing of an immunization advisory committee south of the border is worrisome. On Monday, the U.S. health and human services secretary — a longtime anti-vaccine advocate — said he will appoint new members to the scientific group that advises the Centers for Disease Control and Prevention about vaccination. Angela Rasmussen, a virologist at the University of Saskatchewan, said Tuesday that the move will foster more false anti-vaccine beliefs, not only in the U.S. but also in Canada. 'It creates a culture in which anti-vaxx beliefs are more accepted and challenged a lot less. And also it creates an environment where there's an alternative to an evidence-based recommendation framework,' she said. N.S. miners strike a century ago still resonates During Nova Scotia's storied 300-year history of coal mining, one deadly riot in 1925 proved to be pivotal for workers' rights in Canada. One hundred years ago today, William Davis — a 37-year-old Cape Breton coal miner and father of nine — was shot to death by a special constable hired by the British Empire Steel Corporation (BESCO) — a monopoly mine owner that had repeatedly turned to violence to end strikes over poor wages and unsafe working conditions. 'William Davis's story highlights the many sacrifices that those unionized workers made when they stood up against oppression,' says Danny Cavanaugh, president of the 70,000-member Nova Scotia Federation of Labour. 'It serves as a reminder of a historic struggle that workers faced to secure their rights.' Davis's death on the outskirts of New Waterford, N.S., commemorated every year in Nova Scotia on June 11, was the painful culmination of a long series of strikes and chaotic skirmishes. CRTC holds hearing on internet choice Canada's telecommunications regulator is expected to hear today from major providers and consumer advocacy groups at a hearing on shopping for internet services. Wednesday marks Day 2 of the four-day hearing, which is part of a CRTC consultation launched in December on how to help consumers shop for home internet plans following complaints it was difficult to compare their options. The regulator is considering a requirement for providers to display relevant information — such as price and speed — through a standardized label, similar to nutrition labels on food products that contain serving size and calorie data. The Canadian Telecommunications Association industry group, along with Telus Corp., Bell Canada and internet accessibility advocacy group OpenMedia are scheduled to present today. — This report by The Canadian Press was first published June 11, 2025


Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
It's not the time to cave on booze boycotts
Opinion A good measure of the true strength of your intentions is how much you're willing to sacrifice to stand up for what you believe. That should be the case even more when what you're sacrificing is essentially a luxury. You should, after all, be able to hold out a good long time without compromising your principles when what you're giving up is not even a necessity. Well, two Canadian premiers have demonstrated that the strength of their convictions is as shallow as a shot glass. MIKAELA MACKENZIE / FREE PRESs fileS Shelves emptied of American alcohol at a Liquor Mart. Remember when many provinces halted their sales of U.S. alcohol products in response to trade action by the American government? You should — it was, after all, only a little over three months ago that Alberta Premier Danielle Smith was saying this about U.S. tariffs: 'This economic attack on our country, combined with Mr. Trump's continued talk of using economic force to facilitate the annexation of our country, has broken trust between our two countries in a profound way… It is a betrayal of a deep and abiding friendship.' A deep betrayal, all right. As of this week, both Alberta and Saskatchewan began purchasing U.S. alcohol products again. The halt in sales had been a clear and decisive multimillion-dollar message to American producers that Canadians weren't going to put up with the endless tariff follies of U.S. President Donald Trump. With plenty of other domestic and global options, we could no doubt put up with the absence of American wine, beer and bourbon. The boycott threatened US$1.1 billion in American wine sales alone, and U.S. spirits producers have said the boycotts were worse than tariffs. It was a strong message to the U.S. that trade is a two-way street. But a boycott — even of a luxury item that will still face a retaliatory tariff of 25 per cent by the Canadian government — is only as strong as its weakest link. And the governments of Alberta and Saskatchewan, always proud chest-thumpers of the innate toughness of good western folk, have proven to be that weakest link. Heaven forbid the Jack Daniels or Maker's Mark bourbon wouldn't be there to flow for the Calgary Stampede. Meanwhile, Alberta's move was swiftly welcomed by the United States' ambassador to Canada, Peter Hoekstra, who couldn't resist taking a social media victory lap, saying on X/Twitter: 'Very glad to see that Albertans can once again enjoy a cold U.S. beer or glass of wine. Thanks to Premier @ABDanielleSmith for your leadership in removing this barrier to fair and reciprocal trade.' Hoekstra's comments have to be read as a bitter little joke: the fact is that the capricious introduction of tariffs across a broad range of Canadian products by Trump is what built the current barriers 'to fair and reciprocal trade.' (If Hoekstra couldn't see the backhander he was delivering for the insult it truly was, then perhaps the carefully wrought world of diplomacy should not be his trade.) Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Alberta seems quite willing to be the butt of that joke: last Friday, Alberta's Service Alberta and Red Tape Reduction Minister Dale Nally said the sales were being restarted to show a 'renewed commitment to open and fair trade' with the U.S. The United States has shown, of course, not one single iota of renewed commitment to anything like open and fair trade. Let's hope that customers in Alberta and Saskatchewan will continue to make the point that their governments don't have the strength to deliver, and continue to boycott American products until American producers can make their own case to their politicians about the damage done by trade wars. If not? Raise a glass to capitulation. And just wait for the next Trumpian punishment to be dealt out to America's former closest neighbour. Because it will come.