Whether you currently own your home or are a first time buyer, most of you consider home an investment rather than an expense. A recent poll conducted by Scotiabank found that a 77% of
Canadians think that way. Here is what else we know:
- For Canadians who see the home as an investment, not as expense - the differences between the regions are as follows: Quebec (79%), Manitoba/Saskatchewan (80%) and Alberta (69%).
- Women (80%) are more likely than men (73%) to agree that homes are an investment, not an expense.
- Among Canadians who don't own a home, 12 % plan on purchasing a home within the next year.
- Women are more likely than men to be renting their home (30% of women vs. 24% of men).
- Two-thirds (69 %) of Canadians report owning a home. For Canadian home owners, 40% are living mortgage-free.
- Canadian homeowners over 55 are the most likely to currently be mortgage-free.
- One-third of Canadians (34% say they will be relying on their home equity to support them in retirement.
- Those who are between the ages of 35-54 are the most likely to say they are relying on their home equity to support their retirement (41%).
- 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%).
- Male mortgage holders are more likely to be able to make additional mortgage payments (70% vs. 51% of women).
Here are some ways to pay off your mortgage early:
- Increase your regular payments
- Make lump sum payments whenever possible
- Move to accelerated bi-weekly payments
How can you do this as pain-free as possible?
- Pay off all your debts to avoid higher interest expenses
- Refinance to pay off your debts and make the same payment
- Use any new found money such as pay raises to increase your regular mortgage payments.
For more ways to pay off your mortgage early, contact your mortgage broker.