An online survey of 1,503 Canadian adults holding a mortgage by CIBC shows that the average Canadian homeowner doesn’t think they will be mortgage-free until their 57. This comes as interesting news because this age is up two years more than the previous year’s study. Colette Delaney, executive VP of mortgage, lending, insurance and deposit products at CIBC outlines that Canadians are looking at working on paying down other outstanding debts to reduce interest costs.
Other interesting findings of the survey show that of the national mortgage-free average age of 57, British Columbia’s average is 59, followed shortly thereafter by Manitoba and Saskachewan at 58.
Make your mortgage make sense
Here at Zoocasa we’re not only just about home buying and selling, but rather the entire process and everything in between. We’re dedicated at connecting Canadians who are in the market for buying and selling with the best resources out there and that includes mortgage professionals and advice.
Check out two articles from our Before You Buy section titled Working with Mortgage Professionals – Financial Institutions and Mortgage Payments and Other Costs that can help you pay your mortgage down faster and hopefully before 57. Excerpts below.
Working with Mortgage Professionals
If you choose to work directly with a financial institution such as a bank for your mortgage, be sure to ask for a mortgage professional that is qualified to help you. You’ll need someone to help you navigate through the variety of products, terms and rates available so you can choose the mortgage that fits your individual needs…
Mortgage Payments and Other Costs
As a homeowner, you will have a monthly payment to make on your mortgage. Quite often you will qualify for more than you expected. This is where preparing your budget beforehand is important. Remember, your goals is to not over-extend yourself financially. Let your budget be your guide in determining how much mortgage to take on…
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