Nine-in-ten
Ontario boomers plan to downsize their home
- TD Canada Trust
Boomer Buyers Report shows 57% still have a mortgage
-
TORONTO (October 28, 2010)
– For their next move, Ontario boomers are looking to
downsize to smaller homes. According to the TD Canada Trust Boomer
Buyers Report, 86% of Ontario boomers say their next move will be
to a smaller home. Half say a smaller home will help them save
money and 36% will move to enjoy more luxurious features.
“Many boomers find that their needs and
priorities have changed since they moved into their current home.
If you find you have more room than you need, consider
‘right-sizing,’” says Farhaneh Haque,
Regional Sales Manager, Mobile Mortgage Specialists, TD Canada
Trust. “Moving to a smaller home can allow you to enjoy
some more luxury or free up money for other things you
enjoy.”
Retiring with a mortgage?
Three-quarters of boomers say it is important that
they pay off their mortgage before they retire, but less than half
(43%) have paid off their entire mortgage. In fact more than
one-quarter (26%) have a long way to go, having paid off less than
40% of their mortgage.
Haque offers this advice for boomers working to pay
off their mortgage: “Talk to an expert about your home
financing – you could pay off your mortgage faster with a
different payment schedule, such as increasing your mortgage
payment frequency from monthly to biweekly.”
Boomers heading South:
Ten per cent of Ontario boomers currently own a
vacation property and another 11% plan to buy one for their
retirement. Nearly one third of Ontario boomers are considering
buying a property south of the border. One quarter say
opportunities created by the depressed real estate market have
sparked their interest. Another 7% say they were already
considering real estate opportunities in the United States.
“It is essential to talk with a qualified
mortgage advisor if you are considering a property purchase in a
different country,” says Haque. “While there
can certainly be opportunities, it is important to consider lending
rules and taxes. An expert can help walk you through the paperwork
and decide whether property in another country really is an
affordable option.”
About the TD Canada Trust Boomer Buyers
Report
Results for the TD Canada Trust Boomer Buyers
Report were collected through a custom online survey conducted by
Environics Research Group. A total of 1,000 completed surveys,
including 379 from Ontario, were collected between Sept. 30-Oct. 9,
2010. All participants were screened to have been born between
1946-1964 (“Baby Boomers”).
This is the third report in a series on the life
stages of Canadian home buyers. It follows the first time home
buyers report and the repeat home buyers report.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are
collectively known as TD Bank Financial Group (TDBFG or the Bank).
TDBFG is the sixth largest bank in North America by branches and
serves more than 18 million customers in four key businesses
operating in a number of locations in key financial centres around
the globe: Canadian Personal and Commercial Banking, including TD
Canada Trust and TD Insurance; Wealth Management, including TD
Waterhouse and an investment in TD Ameritrade; U.S. Personal and
Commercial Banking, including TD Bank, America's Most Convenient
Bank; and Wholesale Banking, including TD Securities. TDBFG also
ranks among the world's leading online financial services firms,
with more than 6 million online customers. TDBFG had $603 billion
in assets on July 31, 2010. The Toronto-Dominion Bank trades under
the symbol "TD" on the Toronto and New York Stock
Exchanges.
For further information:
Carolyn Abbass / Sinead Brown
Paradigm Public Relations
416-203-2223
cabbass@paradigmpr.ca /
sbrown@paradigmpr.ca
Tamar Nersesian
TD Bank Financial Group
416-944-7095
tamar.nersesian@td.com
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