Toronto Home and Condos-Mortgage Update
A recent survey from CIBC shows the average Canadian homeowner doesn’t think they will be mortgage free until they are 57. This is actually two years longer than a survey mentioned just last year.
Credit card debt and debt from lines of credit have stopped homeowners ability to cut their mortgage more quickly,only 11 per cent were able to make an extra mortgage payment last year.
Homeowners (19%) who have not increased their debt load since buying their home were able to make lump sum payments.
This broader non-mortgage debt is leading homeowners to pay down debts first resulting in longer mortgage payback periods.
When do homeowners expect to pay off their home mortgage?
- British Columbia-age 59
- Manitoba/Saskatchewan-age 58
- Elsewhere-age 57
According to the CIBC “the longer someone has to hold a mortgage may mean the less savings they have for retirement.”
In Toronto the average home price in March was $519,879, up 3.8 per cent on a year over year basis.
Toronto Condos in two of the biggest downtown markets increased up to $20,034 a 5.03 per cent increase.
Here are some of the exciting Toronto home and Condo listings:
Bay Bloor Condos For Sale
Yorkville Condo Listings Toronto