Mortgage debt among seniors is increasing right across Canada, and for those aged 70+ it has increased 12% compared to 2013.

That’s according to the results of a debt in retirement study conducted by Toronto-based HomEquity Bank and Equifax Canada. The results were announced on Thursday.

The study was conducted in July and focused on Canadians aged 55 and older. It analyzed the main categories of debt including: mortgages, lines of credit, bank loans, car loans, credit cards and retail cards. The study provided a comparison period of 2013 and 2015.

“Every day, we hear from seniors who are struggling with debt. It can be due to inadequate pensions, the high cost of living or costly health care issues, but debt is increasingly a concern for many seniors,” states Yvonne Ziomecki, SVP, HomEquity Bank.

The key findings of the study are:

  • Mortgage debt is increasing fastest in the Greater Toronto Area and Quebec and less so in Alberta and British Columbia
  • In 2015, 16.5% of people aged 55+ are carrying a mortgage. This is an increase of 10% from 2013′
  • The average mortgage balance for Canadians aged 55+ grew by 11% from $158,000 in 2013 to $176,000 in 2015
  • The average mortgage balance is highest in the 55 to 60 age group, at $189,000, and lowest for the 75+ age group at $134,000
  • Seniors aged 71+ with a mortgage have an average balance of $140,000
  • Overall debt for those 70+ has increased by 12% between 2013 and 2015 versus only a 4% increase for those under 70.

“It’s shocking to find Canadians 71+ are still carrying hefty mortgages,” notes Laurie Campbell, CEO, Credit Canada Debt Solutions. “By this age, they are fully retired and there’s no opportunity to increase their income.”

In fact, the study is showcasing a more relaxed attitude towards debt, she adds, “and this can jeopardize retirement.”

HomEquity Bank is a national provider of reverse home mortgages.