British Columbians Less Likely to be Mortgage Free by 65
34% of British Columbians say they expect to be mortgage-free after 65 or never, according to the latest RBC housing snapshot poll carried out by Ipsos Reid. That's the worst in the country where an average 37% felt they'd still be paying mortgage debt into retirement.
B.C. also leads the country with the longest amortizations, with 42% having more than 21 yesrs left to pay, compared to 37%.
Despite the high prices in the province and long amortization periods when it comes to interest rates, British Columbians are the most risk averse, with 51% saying they would take a fixed rate mortgage for their next home purchase compared to 46% nationally.
Interestingly, 2% or respondents expect to be mortgage-free by 35 (nationally that number is 3%).
Nickolas Vidovic
Prudential Sussex Realty
"Making Yout Future Investment Happen"
Posted on Dec 01, 2011
