BC recently released its latest Housing Snapshot stats
Will you be able to retire mortgage free? This is a concern faced by many Canadians. With troubles in the financial markets hurting pension plans and retirement savings, rising tuition rates, increased housing costs, rising taxes and increased costs of living have made retirement for many a distant possibility. The government has also abandoned the mandatory retirement age of 65 in most provinces in Canada to ease the financial burden of retirement, as well as to make up for the upcoming shortages in the workforce in various occupations.
Saving for retirement through pensions, RRSP’s and real estate investment needs to start early and needs to be managed carefully. One growing reality for many Canadians is that they will still have to pay off their mortgage during their retirement. RBC recently released its latest Housing Snapshot stats and found that more than 50% of Canadians wills still be paying off their mortgage after 55 and almost 1/3 will be still be carrying their mortgage past 65. Will retirement be possible if so many are still carrying mortgages?