Alberta boomers are mortgage-free
Calgary, AB (October 28,
2010) – Alberta’s boomers are the most
likely in the country to have paid off their mortgage in full.
According to the TD Canada Trust Boomer Buyers Report, nearly
six-in-ten Alberta boomers have paid off their mortgage in entirety
(versus 44% nationally).
Three-quarters of Canadian boomers say it is
important that they pay off their mortgage before they retire.
Despite a large number of Albertan boomers living mortgage-free,
one-in-ten boomers in the province have paid off less than 25%.
Jessy Bilodeau, Sales Mobile Mortgage Specialist,
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.”
Vacation home will be home
Boomers in Alberta are the most likely in the
country to plan to spend their retirement at their vacation home.
In fact, they are twice as likely as other Canadian boomers (9%
versus 5% nationally) to intend to, according to the TD Canada
Trust Boomer Buyers Report.
According to a series of reports on Canadian
homebuyers, vacation homes are popular in Alberta and not just for
retirement. The TD Canada Trust Repeat Homebuyer Poll, which
surveyed Canadian homebuyers of all ages, found Albertans are twice
as likely to be house-hunting for vacation homes (13% versus 5%
Boomers head south:
The TD Canada Trust Boomer Buyers Report found that
the majority of Albertans would consider purchasing a retirement
property south of the border. Twenty-two per cent say opportunities
created by the depressed real estate market have sparked their
interest, while another 25% 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 Bilodeau. “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
About the TD Canada Trust Boomer Buyers
Results for this study were collected through a
custom online survey conducted by Environics Research Group. A
total of 1,000 completed surveys, including 111 from Alberta, were
collected between Sept. 30-Oct. 9, 2010. All participants were
screened to have been born between 1946-1964 (“Baby
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
For further information:
Carolyn Abbass / Sinead Brown
Paradigm Public Relations
TD Bank Financial Group