Mortgage-free retirement? Not so for 29% of soon-to-be retirees
Global News
For nearly a third of soon-to-be-retired Canadians, living a mortgage-free retirement may not be on the cards for at least a few years, a new report says.
A third of Canadians approaching retirement in the next two years expect to keep paying their mortgages after they have stopped working, a new report by Royal LePage shows.
A survey of 1,626 Canadians conducted by real estate firm Royal LePage in May found that two per cent of Canadians expect to retire in 2025 and three per cent in 2026. Of these, around one-third (29 per cent) say they will continue to pay down their mortgage into their retirement years.
Less than half (45 per cent) of people retiring soon have already paid their mortgages off and only six per cent said they will be able to pay off their mortgages before retirement.
Another 18 per cent said they do not own their primary residence, and the rest said they either don’t know if they’ll pay off their mortgage before retirement or don’t know.
“This generation is far more likely to have carried mortgage balances that would have been unimaginable to their parents or grandparents,” said Phil Soper, CEO of Royal LePage.
Soper said while the “bank of mom and dad” has helped younger Canadians, it is taking a toll on some getting closer to retirement.
“Our research confirms they are also much more likely to have provided financial assistance to their children to assist in their home ownership dreams,” he said.
However, this will not be as much of a strain on some Canadians, Soper said.
The agency says more than 22,000 people have been removed from the country in the last 12 months, and nearly 30,000 removals were "in progress" as of Oct. 31.
A problem with the signalling system caused a service interruption this morning on Montreal's light-rail network.
An Ontario lawyer accused by American authorities of advising a Canadian Olympian-turned-alleged-cocaine kingpin has had his licence to practice law suspended.
The FIFA draw ceremony will mark the first time Prime Minister Mark Carney, U.S. President Donald Trump and Mexican President Claudia Sheinbaum will be in the same room.
A new report finds anglophones face higher unemployment and lower wages in Quebec; gaps that researchers say carry major economic consequences.
Critics are questioning the solidity of Saab's pitch to deliver 10,000 jobs in Canada if it decides to set up shop here to assemble Gripen fighter jets.
The girl’s disappearance underscores long-standing concerns about the ease with which a parent can take a child to another country without the other parent’s knowledge or consent.
Asbestos cleanup, tight work windows and other TTC delays have slowed the build out of 5G cellular service in Toronto's subway system.
Alberta's UCP government is changing the rules to make it easier for citizens to force a referendum on issues such as the prospect of the province leaving Confederation.
An at-home DNA test given as a birthday gift solved an 80-year family mystery by revealing that a man in Quebec and a man in the Netherlands were long-lost brothers.
Lina Vargas was on the board for almost two years and told Global News that accountability and transparency are fundamental rights for all community members.
Industry Minister Melanie Joly told the House of Commons committee on international trade the move breaches federal contracts tied to manufacturing in Brampton and Windsor, Ont.
A targeted home invasion and kidnapping led to a gunpoint standoff with police and an overnight chase across Toronto. Two suspects remain at large, investigators say.