Half Of Canada’s Homeowners Buckling Under Mortgage Debt

Posted by Orb Staff on May 16, 2012 No Comments
Categories : Residential Mortgage

11569_canada Half Of Canada's Homeowners Buckling Under Mortgage Debt Canadian homeowners are feeling the pinch of balancing mortgage responsibilities with saving for retirement, according to a new study released by Toronto-based BMO Financial Group.

According to the survey, 51% of Canadians expect to carry a mortgage into their retirement while 52% of homeowners feel their debt load or mortgage is hindering their ability to plan or save for retirement.

‘Paying off your mortgage prior to entering retirement is very important, because it will eliminate a significant amount of debt and keep you from having to manage higher debt loads after you stop working,’ says Tina Di Vito, head of the BMO Retirement Institute. ‘When you are no longer receiving employment income, it makes it much harder to let go of large amounts of money.’

The survey was conducted online from a sample of 1,000 Canadian homeowners or condo owners.

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