quarter of B.C. boomers own their home
Vancouver, BC (October 28,
2010) – Boomers in British Columbia are the
least likely in the country to own a home and be mortgage-free.
Though nearly three-quarters of Canadians say it is important that
they pay off their mortgage fully in time for retirement, the TD
Canada Trust Boomer Buyers Report found that only 24% of B.C.
boomers own their home mortgage-free. Nearly one third of boomer
homeowners have more than 60% of their mortgage left to pay
Robert Afan, Regional Sales Manager, Mobile
Mortgage Specialists, 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
Boomers in B.C. are least likely to say they will
continue to live in their current home during retirement (40%
versus 49% nationally).
“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 Robert Afan,
Regional Sales Manager, Mobile Mortgage Specialists, TD Canada
Trust. “Moving to a smaller home can allow you to free up
assets to put towards your retirement savings or enjoy in other
B.C. boomers are following the national trend and
plan to down-size 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 features.
Boomers heading South:
Almost half of boomers in B.C. will consider buying
a property south of the border. Twenty-nine per cent say
opportunities created by the depressed real estate market have
sparked their interest. Another 17% 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 Afan. “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
British Columbian boomers are least likely to
already own a vacation property (3% versus 9% nationally), but 15%
plan to buy one for their retirement.
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 120 from British
Columbia, 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