“The average Canadian homeowner doesn’t think they’ll be mortgage-free until they’re 57 — two years longer than what they expected last year, a survey by CIBC suggests.
The survey also found that half of those surveyed said other debt, from credit cards to lines of credit, have increased and impeded their ability to pay off their mortgage more quickly. …
The report released Friday also found those in British Columbia expected to be the oldest at 59 when they have paid off their mortgage, followed by those in Manitoba and Saskatchewan at 58. …
Colette Delaney, executive vice-president of mortgage, lending, insurance and deposit products at CIBC, said that the longer someone has to hold a mortgage may mean the less savings they have for retirement.
“Being mortgage free sooner can help accelerate retirement savings, but carrying a mortgage into your late 50s can have the opposite effect and make it more challenging to reach your long term savings goals,” said Delaney.
– from ‘Canadian homeowners don’t think they’ll be mortgage-free until they’re 57′, Canadian Press, 5 Apr 2013
Let’s simply face it that the average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
In a closely related sense, locals are overdependent on their RE holdings for their retirement funding, and are at high risk of their retirement plans being severely hobbled by coming RE price weakness.