Canada column for Sunday, July 27/14
THE CANADIAN REPORT
(c) By Jim Fox
Canadians are working towards being mortgage-free by age 58, a national survey has found.
The poll conducted for the Canadian Imperial Bank of Commerce by Angus Reid put the age one year later than in a similar survey a year ago.
Across the country, there are some variations as homeowners in British Columbia – with the highest real estate prices in Canada – expecting to pay off their mortgages at age 66.
Neighboring Albertans said they should be mortgage-free at 55 while it is 56 in Quebec, 57 in Ontario and Atlantic Canada, and 58 years in Manitoba and Saskatchewan.
Helping become debt free were 55 percent saying they are taking advantage of low interest rates to pay down their mortgages quicker.
The bank said small efforts can add up to big savings such as making payments more often, increasing the amount paid and lump-sum payments.