According to a recent Scotiabank poll, a whopping 77% of Canadians view their home as an invest, not an expense.
For Canadians who see the home as an investment, not as expense – the differences between the provinces does not vary that significantly.
The Scotiabank poll also revealed that 69% of Canadians own a home to date, and of those, 40% are living mortgage-free. If you break it down by province, however, the numbers look somewhat different regarding whose mortgage-free:
Atlantic Canada: 41%
British Columbia: 54%
In an effort to become mortgage free as soon as possible, which 81% of Canadians want to do, 29% of Canadians opted to increase the frequency of regular payments and 34% admitted that they will rely on their home equity to support them in retirement.
Considering that rates are at historic lows, now would be a great time for most Canadians to up their payment frequency and pay down their mortgages as soon as possible.
By switching from monthly to bi-weekly payments, you end up making 26 payments, or 13 months’ worth of payments, rather than 12. Other smart options increasing payments or making a large lump sum payment, if possible.