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Only one quarter of B.C. boomers own their home mortgage-free
-TD Canada Trust releases Boomer Buyers Report-
VANCOUVER, Oct. 28 /CNW/ - Boomers in British Columbia are the least likely in the country to own a home and be mortgage-free. Though nearly three-quarters of Canadians say it is important that they pay off their mortgage fully in time for retirement, the TD Canada Trust Boomer Buyers Report found that only 24% of B.C. boomers own their home mortgage-free. Nearly one third of B.C.'s boomer homeowners have more than 60% of their mortgage left to pay off.
Robert Afan, Regional Sales Manager, Mobile Mortgage Specialists, 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."
Boomers in B.C. are least likely to say they will continue to live in their current home during retirement (40% versus 49% nationally).
"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 Robert Afan, Regional Sales Manager, Mobile Mortgage Specialists, TD Canada Trust. "Moving to a smaller home can allow you to free up assets to put towards your retirement savings or enjoy in other ways."
B.C. boomers are following the national trend and plan to down-size for their next home purchase. According to the TD Canada Trust Boomer Buyers Report, four-in-five Canadian boomers say their next move will be to a smaller home. Almost half say a smaller home will help them save money and 34% are moving somewhere smaller to enjoy more luxurious features.
Boomers heading South:
Almost half of boomers in B.C. will consider buying a property south of the border. Twenty-nine per cent say opportunities created by the depressed real estate market have sparked their interest. Another 17% 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 Afan. "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."
British Columbian boomers are least likely to already own a vacation property (3% versus 9% nationally), but 15% plan to buy one for their retirement.
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 120 from British Columbia, 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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