According to a recent Bank of Nova Scotia poll, the role of the Canadian home is key, with the majority of Canadians (77%) indicating their home is an investment rather than an expense.
The investment may extend beyond retirement for some; among those mortgage holders not yet retired, one-third (32%) say they will likely still have their mortgage when they retire.
That said, Canadians are eager to leave their mortgages behind, with almost three-quarters (72%) of Canadian mortgage holders taking at least one step to becoming mortgage-free faster.
Other key findings show:
- two-thirds (69%) of Canadians report owning a home. For Canadian home owners, 40% are living mortgage-free.
- the majority (81%) of Canadians agree it is important to become mortgage-free as soon as possible.
- the most common step Canadians are taking to pay off their mortgage faster is to increase the frequency of their regular payments (29%).
- one-third of Canadians (34%) say they will be relying on their home equity to support them in retirement.
The Scotiabank Mega Poll was conducted through Harris/Decima’s telephone omnibus, teleVox from June 18 through 28, 2012. A total of 2,013 surveys were conducted nationally with Canadians respondents 18 plus years of age.