According to a report in Financial Post, most of the baby boomers in Canada still haven’t been able to get rid of their mortgage. As many as 56% of Canadian baby boomers still have a mortgage.
The high number of outstanding mortgages among baby boomers could be worrying. This is despite the fact that almost 75% of people in this segment believe that it is very important to get rid of their mortgage before retiring. Unfortunately, they havent been able to convert this belief to concrete action.
Statistics also show that more than 30% of the baby boomers have paid off 60% or more on their mortgage. However, a quarter have been able to pay lesser than 25% on their mortgage.
Another interesting trend is that a huge percentage of people (80%) are looking to move to a smaller house in order to save money. About 60% of these people want to buy a detached house, while about a quarter want to move to a condo. Those who want to buy a detached house would like to do so primarily so that they can have a garden in the backyard. The key reasons for the preference for condos is better security, having to spend lesser on maintenance, and access to facilities like a gym.
For those looking to buy a new house, this is a good time, with low interest rates and a weak housing market. Hire a reliable mortgage broker to get a good deal on your mortgage once you have found the right property.
