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Nine-in-ten Ontario boomers plan to downsize their home
-TD Canada Trust Boomer Buyers Report shows 57% still have a mortgage-
TORONTO, Oct. 28 /CNW/ - For their next move, Ontario boomers are looking to downsize to smaller homes. According to the TD Canada Trust Boomer Buyers Report, 86% of Ontario boomers say their next move will be to a smaller home. Half say a smaller home will help them save money and 36% will move to enjoy more luxurious features.
"Many boomers find that their needs and priorities have changed since they moved into their current home. If you find you have more room than you need, consider 'right-sizing,'" says Farhaneh Haque, Regional Sales Manager, Mobile Mortgage Specialists, TD Canada Trust. "Moving to a smaller home can allow you to enjoy some more luxury or free up money for other things you enjoy."
Retiring with a mortgage?
Three-quarters of boomers in Ontario say it is important that they pay off their mortgage before they retire, but less than half (43%) have paid off their entire mortgage. In fact, one quarter (25%) have a long way to go, having paid off less than 40% of their mortgage.
Haque 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."
Boomers heading South:
Ten per cent of Ontario boomers currently own a vacation property and another 11% plan to buy one for their retirement. Nearly one third of Ontario boomers are considering buying a property south of the border. One quarter say opportunities created by the depressed real estate market have sparked their interest. Another 7% 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 Haque. "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 the TD Canada Trust Boomer Buyers Report were collected through a custom online survey conducted by Environics Research Group. A total of 1,000 completed surveys, including 379 from Ontario, 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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