You need a lot less to live comfortably in retirement than you did at mid-life, so when they stop working, most Canadians are able to cut mid-life costs such as hefty mortgage payments, money spent on raising kids, and work - related costs. (moneysense.ca)
That's because a lot of mid-life expenditures will disappear: hefty mortgage payments, the cost of raising kids (and helping with university tuition), transportation and clothing expenses for work, EI and CPP deductions from your paycheque, and, of course, the burden of saving for retirement. (canadianbusiness.com)
For decades, interest rates in Canada were either sky high or fluctuated wildly, making it risky to take on hefty mortgages. (canadianbusiness.com)