VANCOUVER (NEWS1130) – Freedom 55? Maybe.
Mortgage free at 55? Maybe not.
A survey done for CIBC suggests the road to becoming mortgage-free is a little longer than we thought.
The research finds Canadians, on average, think they won’t pay off their properties until age 57. Just a year ago, a similar survey found most people figured they would be mortgage-free by age 55.
Broken down by province, the numbers are even more telling; people in British Columbia are most pessimistic, as we don’t feel we’ll be mortgage-free until the age of 59.
The survey also identifies the biggest obstacle in paying off our homes: non-mortgage debt.
Fifty per cent admit to taking on credit cards, lines of credit, and loans since first inking their mortgage. Only 11 per cent of them said they managed to squeeze out an extra mortgage payment in the last year.