Equity-rich Canadian seniors are borrowing at an accelerated rate, according to data from the Office of the Superintendent of Financial Institutions.
On a national basis, reverse mortgage debt stood at $3.425 billion outstanding as of October 2018, marking its highest point in 8 years.
The debt load represented a 57.46% annualized pace of growth, which was approximately 274% higher than the median year-over-year pace.
This was also 11.57% higher compared to the month prior, and around 844% greater than the median monthly growth.
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The OSFI noted in its previous analysis that if the trends surrounding senior borrowing rates hold, the market should expect a greater proportion of reverse mortgages over the next few years.
An earlier study by TransUnion found that during Q1 2018, borrowing among Canadians age 73 years and older dramatically increased by 63% annually.