Canadian boomers say there’s no place like home for
TORONTO (October 28, 2010)
– Tired of the cold prairie winters? Boomers in Manitoba
and Saskatchewan are the most likely in the country to be
considering purchasing a retirement property south of the border.
According to the TD Canada Trust Boomer Buyers Report, more than
half of boomers in these provinces would consider buying a property
in the United States (53% versus 36% nationally).
“It is essential to talk with a qualified
mortgage advisor if you are considering a property purchase in a
different country,” says Farhaneh Haque, Regional Sales
Manager, Mobile Mortgage Specialists, TD Canada Trust.
“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.”
Boomers in these provinces, are the most likely to
already own a vacation home (15% versus 9% nationally). Another 11%
of boomers in the region plan to buy a vacation property for their
Moving to the United States or otherwise, less than
half (44%) of boomers in Manitoba and Saskatchewan will continue to
live in their current home during retirement.
“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 Haque.
“Moving to a smaller home can allow you to free up assets
to put towards your retirement savings or enjoy in other
Boomers in Manitoba and Saskatchewan are following
the national trend and plan to downsize 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
Retiring with a mortgage?
Three-quarters of Canadian boomers say it is
important that they pay off their mortgage before they retire. Less
than half (45%) of boomer home owners in Manitoba and Saskatchewan
are mortgage-free. Fifteen per cent have paid less than a quarter
of their mortgage.
Haque 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.”
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 81 from Manitoba and
Saskatchewan, were collected between Sept. 30-Oct. 9, 2010. All
participants were screened to have been born between 1946-1964
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