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Average Canadian expects to be mortgage-free by age 58: survey

VANCOUVER (NEWS1130) – The average Canadian expects to be mortgage-free by age 58, which is one year later than a similar poll conducted a year ago.

But this recent survey done for CIBC found some big discrepancies across the country.

Home owners here in BC don’t think they’ll be able to pay off their mortgages until they hit 66, while those in Alberta expect to be mortgage-free more than a decade earlier at 55.

The survey also found that just over half of those polled were taking advantage of the current low-interest rate environment to pay down their mortgages faster.

Fifty-five per cent said they were putting in extra effort into repaying their mortgages, although that was down from 68 per cent last year.

Of those paying off their mortgages quicker than necessary, 32 per cent said they were making payments more often, 28 per cent were increasing the amount they pay while 18 per cent said they had made either an additional prepayment or a lump sump payment.