Albertans expect to be mortgage-free by 55
Youngest in the country
Albertans on average expect to be mortgage-free at the age of 55.
CALGARY - A new CIBC poll finds that Albertans on average expect to be mortgage-free at 55 years of age - the youngest in the country.
The poll, released Monday, said Canadians with mortgages, on average, say they will be 58 years old before they become mortgage-free.
The poll also found that 55 per cent of Canadians, and 65 per cent of Albertans, are taking one or more actions to pay their mortgages down sooner, but a similar poll last year found that 68 per cent of people across the country were taking steps to accelerate their repayments.
Among those taking some action: 32 per cent accelerated their payment frequency; 28 per cent increased their payment amount; and 18 per cent made a prepayment/lump sum payment.
“A mortgage is the largest debt most Canadians will take on in their lifetime, and being mortgage-free is an important goal for many,” said Barry Gollom, vice-president of secured lending for the bank, in a news release. “With current low interest rates, this may be an opportune time to make progress against your mortgage - even a few small changes can make a big difference in the length of time it takes to pay off your mortgage and the amount you pay in interest charges.”
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
The poll, released Monday, said Canadians with mortgages, on average, say they will be 58 years old before they become mortgage-free.
The poll also found that 55 per cent of Canadians, and 65 per cent of Albertans, are taking one or more actions to pay their mortgages down sooner, but a similar poll last year found that 68 per cent of people across the country were taking steps to accelerate their repayments.
Among those taking some action: 32 per cent accelerated their payment frequency; 28 per cent increased their payment amount; and 18 per cent made a prepayment/lump sum payment.
“A mortgage is the largest debt most Canadians will take on in their lifetime, and being mortgage-free is an important goal for many,” said Barry Gollom, vice-president of secured lending for the bank, in a news release. “With current low interest rates, this may be an opportune time to make progress against your mortgage - even a few small changes can make a big difference in the length of time it takes to pay off your mortgage and the amount you pay in interest charges.”
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
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