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"One of the key reasons we're seeing debt accumulation across age groups is households investing in real estate," Diana Petramala, Economist, TD Economics. "And this has been particularly predominant among the 65 plus age group."
"The age group 65 and older is the only age group where we've seen debt grow at a faster clip than their assets," she adds.
One reason for Canadians' love affair with real estate is that it has been a bastion of stability (and price gains) in era of chaotic financial markets.
"We think it could be because home price appreciations and the rents that could be gained from real estate have exceeded gains that could have been made in financial markets," Petramala says.
The report comes on the heels of growing concerns from the Bank of Canada that Canadians are taking on dangerous levels of household debt.