Canadians See Home as an Investment, Not an Expense

Canadians see home as an investment

See this beautiful home at ComFree.com

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.

Manitoba: 80%
Saskatchewan: 80%
Quebec: 79%
Alberta: 69%

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:

Ontario: 37%
Atlantic Canada: 41%
Quebec: 42%
Manitoba: 47%
Saskatchewan: 47%
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.

Source: CalgaryHerald.com

Rosy Saadeh

About Rosy Saadeh

Rosy Saadeh is a Social Media Manager and Marketer and spends her time scouring the net trying to make new friends, help clients and post interesting stories about real estate and the like in Canada. Connect with her on Twitter, Facebook, Google+, and Pinterest.

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