-TD Canada Trust releases Boomer Buyers Report-
MONTREAL, Oct. 28 /CNW/ - Four-in-five Quebec boomers believe it is important that they pay off their mortgage fully in time for retirement. However, as is the case with Canadian boomers across the country, many haven't quite reached their goal of being mortgage free. The TD Canada Trust Boomer Buyer Report found that 60% of boomer homeowners in Quebec have a mortgage and 30% have paid off less than half of it.
Linda Dupont, Regional Sales Manager, Personal Credit, TD Canada Trust 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 downsize:
Less than half (48%) of Quebec boomers say they will continue to live in their current home during retirement.
"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 Dupont. "Moving to a smaller home can allow you to free up assets to put towards your retirement savings or enjoy in other ways."
Quebec boomers are following the national trend and plan to down-size for their next home purchase. According to the TD Canada Trust Boomer Buyers Report, four-in-five Canadian boomers say their next move will be to a smaller home. Almost half say a smaller home will help them save money and 34% are moving somewhere smaller to enjoy more luxurious features.
Boomers heading South:
Nine per cent of Quebec boomers currently own a vacation property and a further 15% plan to buy one for their retirement. More than a third of Quebec boomers will consider buying a property south of the border. Twenty per cent say opportunities created by the depressed real estate market have sparked their interest. Another 13% 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 Dupont "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 this study were collected through a custom online survey conducted by Environics Research Group. A total of 1,000 completed surveys, including 229 from Quebec, 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 year 2010 marks the 150th anniversary of TD Bank Financial Group in Quebec. TDBFG has built on a long tradition of quality client service and community involvement that dates back to the opening of the first branch in Quebec in 1860. Today, TDBFG's Quebec presence includes over 4,000 employees and 125 offices and points of service, as well as significant investments in community programs.
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.