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Ottawa's Parliament Hill, where the Carney government is rolling out Canada's largest fiscal stimulus package since 1980. / Photo: Unsplash. MoneySavings.ca  ·  Economy & Policy Monday, April 13, 2026  ·  Daily Edition Canada at a crossroads: oil shock, frozen rates, and a trade deal on the clock Canada's economy is navigating a uniquely complicated moment in 2026. A Middle East conflict has sent oil prices surging past US$104 a barrel, a once-in-a-generation fiscal stimulus package is being rolled out in Ottawa, and the clock is ticking on a renegotiation of Canada's most important trade agreement. For everyday Canadians, this means uncertainty at the gas pump, a central bank with limited room to cut rates, and a federal government betting big on public spending to kick-start growth. Here is what you need to know about the forces shaping the Canadian economy right now. 1. The Bank of Canada is stuck — and oil is why The Bank of Canada has held it...
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Retiring with a Mortgage: A Realistic Guide for Mid- and Late-Life Homebuyers

 

Buying a home later in life can feel like swimming against the current of conventional financial wisdom. The classic retirement dream—owning a paid-off home, living mortgage-free, and enjoying financial freedom—may not align with the reality for many mid- or late-life buyers. But with thoughtful planning, it's still possible to retire comfortably while managing a mortgage.

Rethink the Retirement Timeline

  • Retirement isn't one-size-fits-all: Many people now work part-time or freelance into their 60s and 70s. A flexible retirement plan can accommodate mortgage payments.
  • Delay retirement strategically: Working a few extra years can boost savings, increase pension benefits, and reduce the strain of mortgage obligations.

Budget for the Long Haul

  • Include housing costs in retirement planning: Factor in mortgage payments, property taxes, insurance, and maintenance.
  • Avoid overextending: Choose a home that fits your lifestyle and budget—not just your dreams.

Consider Mortgage Options

  • Shorter-term loans: A 15-year mortgage may offer lower interest rates and help you pay off the home faster.
  • Reverse mortgages: For those 62+, this can convert home equity into income, though it’s not without risks.
  • Refinancing: Locking in a lower rate or adjusting the term can ease monthly payments.

Protect Your Future

  • Emergency fund: Keep a cushion for unexpected expenses like medical bills or home repairs.
  • Insurance and estate planning: Ensure your home and heirs are protected with adequate coverage and a clear will.

Think Beyond Ownership

  • Renting may be wiser: In some cases, renting can offer more flexibility and fewer financial burdens.
  • Downsizing: A smaller, more affordable home can free up cash and reduce upkeep.

Retirement with a mortgage isn’t a failure—it’s a modern reality. With smart choices and realistic expectations, mid- and late-life homebuyers can still build a secure and fulfilling retirement.

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