Some Canadians with mortgages think they might carry them into retirement
According to a recent Scotiabank poll, the role of the Canadian home is key, with the majority of Canadians (77 per cent) indicating their home is an investment rather than an expense. The investment may extend beyond retirement for some; among those mortgage holders not yet retired, one-third (32 per cent) say they will likely still have their mortgage when they retire. That said, Canadians are eager to leave their mortgages behind, with almost three-quarters (72 per cent) of Canadian mortgage holders taking at least one step to becoming mortgage-free faster. When it comes to mortgage-mindset – Canadians are thinking in the right direction:
- Two-thirds (69 per cent) of Canadians report owning a home. For Canadian home owners, 40 per cent are living mortgage-free.
- The majority (81 per cent) of Canadians agree it is important to become mortgage-free as soon as possible.
- The most common step Canadians are taking to pay off their mortgage faster is to increase the frequency of their regular payments (29 per cent).
- One-third of Canadians (34 per cent) say they will be relying on their home equity to support them in retirement.
“What I want Canadians who are feeling a little overwhelmed in paying off their mortgages to know is that paying off their mortgage is totally achievable, and the great news is that a number of Canadians who were in the same position have reached the goal of being mortgage-free,” said David Stafford, Managing Director of Real Estate Secured Lending at Scotiabank. “With rates at historic lows, there’s never been a better time to take years off your mortgage. We’ve helped customers across the country become mortgage-free faster – by visiting our financial advisors, you can receive personalized advice on how to do the same without an impact on your lifestyle.”