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Majority of Alberta boomers are mortgage-free
-TD Canada Trust releases Boomer Buyers Report-
CALGARY, Oct. 28 /CNW/ - Alberta's boomers are the most likely in the country to have paid off their mortgage in full. According to the TD Canada Trust Boomer Buyers Report, nearly six-in-ten Alberta boomers have paid off their mortgage in entirety (versus 44% nationally).
Three-quarters of Canadian boomers say it is important that they pay off their mortgage before they retire. Despite a large number of Albertan boomers living mortgage-free, one-in-ten boomers in the province have paid off less than 25%.
Jessy Bilodeau, Mobile Mortgage Specialist, TD Canada Trust, offers this advice for boomers working to pay off their mortgage: "Talk to an expert about your home financing - you could pay off your mortgage faster with a different payment schedule, such as increasing your mortgage payment frequency from monthly to biweekly."
Vacation home will be home base
Boomers in Alberta are the most likely in the country to plan to spend their retirement at their vacation home. In fact, they are twice as likely as other Canadian boomers (9% versus 5% nationally) to intend to, according to the TD Canada Trust Boomer Buyers Report.
Boomers head south:
The TD Canada Trust Boomer Buyers Report found that the majority of Albertans would consider purchasing a retirement property south of the border. Twenty-two per cent say opportunities created by the depressed real estate market have sparked their interest, while another 25% say they were already considering real estate opportunities in the United States.
"It is essential to talk with a qualified mortgage advisor if you are considering a property purchase in a different country," says Bilodeau. "While there can certainly be opportunities, it is important to consider lending rules and taxes. An expert can help walk you through the paperwork and decide whether property in another country really is an affordable option."
About the TD Canada Trust Boomer Buyers Report
Results for this study were collected through a custom online survey conducted by Environics Research Group. A total of 1,000 completed surveys, including 111 from Alberta, were collected between Sept. 30-Oct. 9, 2010. All participants were screened to have been born between 1946-1964 ("Baby Boomers").
This is the third report in a series on the life stages of Canadian home buyers. It follows the first time home buyers report and the repeat home buyers report.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG or the Bank). TDBFG is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $603 billion in assets on July 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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