Some Canadians with mortgages think they might carry them into retirement
TORONTO, Nov. 5, 2012 /CNW/ - According to a recent Scotiabank poll, the role of the Canadian home is key, with the majority of Canadians (77 per cent) indicating their home is an investment rather than an expense. The investment may extend beyond retirement for some; among those mortgage holders not yet retired, one-third (32 per cent) say they will likely still have their mortgage when they retire. That said, Canadians are eager to leave their mortgages behind, with almost three-quarters (72 per cent) of Canadian mortgage holders taking at least one step to becoming mortgage-free faster. When it comes to mortgage-mindset - Canadians are thinking in the right direction:
"What I want Canadians who are feeling a little overwhelmed in paying off their mortgages to know is that paying off their mortgage is totally achievable, and the great news is that a number of Canadians who were in the same position have reached the goal of being mortgage-free," said David Stafford, Managing Director of Real Estate Secured Lending at Scotiabank. "With rates at historic lows, there's never been a better time to take years off your mortgage. We've helped customers across the country become mortgage-free faster - by visiting our financial advisors, you can receive personalized advice on how to do the same without an impact on your lifestyle."
For more information and tips about Scotiabank's mortgage offers, suite of strategies and solutions please visit www.scotiabank.com.
About the polling data
The Scotiabank Mega Poll was conducted through Harris/Decima's telephone
omnibus, teleVox from June 18 through 28, 2012. A total of 2,013
surveys were conducted nationally with Canadians respondents 18 plus
years of age.
About Scotiabank
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. With assets of $670 billion (as at July 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
Did you know? November is Financial Literacy Month, to learn about Scotiabank's Financial Literacy Strategy please read the related press release on the Scotiabank Newsroom at www.scotiabank.com.
BACKGROUNDER: Canadian Mindset on Mortgages
SOURCE: Scotiabank - Products & Services
Patty Stathokostas
Scotiabank
P: 416-866-3625
E: patty.stathokostas@scotiabank.com