The average Canadian homeowner doesn’t think they’ll be mortgage-free until they’re 57 – two years longer than what they expected last year, a survey by CIBC suggests.
The survey also found that half of those surveyed said other debt, from credit cards to lines of credit, have increased and impeded their ability to pay off their mortgage more quickly.
“Our view would be that Canadians are taking a look at their broader finances and are working to pay down other debts first to reduce their interest costs,” said Colette Delaney, EVP of mortgage, lending, insurance and deposit products at CIBC.
“Those with a growing amount of non-mortgage debt are less likely to be taking extra steps to pay down their mortgage, and this can lead to a longer payback period.”
Click here for the full Global News article.
Click here to read the CIBC press release.
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