04/10/2013 02:37 EDT | Updated 06/10/2013 05:12 EDT

Hey, B.C. Homeowners: Don't Expect To Be Mortgage Free Until Age 59!


debt ecard

A recent poll released by CIBC revealed that the average Canadian doesn't expect to be mortgage free until age 57 -- and age 59 for B.C. homeowners.

Key findings include:

  • The average age at which Canadian homeowners with a mortgage believe they will be mortgage free is 57, compared to age 55 in a similar CIBC poll one year ago
  • Residents of B.C. had among the longest repayment expectations in Canada at age 59
  • 50 per cent of Canadian homeowners say their non-mortgage debt (credit cards, lines of credit, etc.) has increased since they first took on their mortgage. These Canadians were also less likely to be making lump sum payments to their mortgage, citing a lack of funds as the primary reason.

Among homeowners who say they've taken on additional non-mortgage debt since they purchased their home, only 11 per cent said they had made an extra mortgage payment in the last year -- considerably lower than the 19 per cent who were making lump sum payments among those who had not added to their non-mortgage debt. The primary reason noted by Canadians who were not taking steps to repay their mortgage faster was that they simply did not have the extra funds.

I've written about this phenomenon before. I often wonder if the only way people are actually "affording" to live in Vancouver is by amassing other kinds of debt (i.e. aside from crazy-huge mortgages!).

I'm guessing I'll still have lots of subject matter for well into my fifties as it looks like "the grind" shows no signs of stopping for many!!