Canadians Continue Mortgage Payments
This is a Canada news story, published by Global News, that relates primarily to Royal LePage news.
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traditional retirement yearsGlobal News
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Business & Economics
Paying mortgage into retirement? Here’s how you could plan your finances - National | Globalnews.ca
67% Informative
A survey of 1,626 Canadians conducted by Royal LePage found that 29 per cent say they will continue to pay down their mortgage into retirement.
Canadians are buying their homes a lot later in life, one financial planner said.
Some older Canadians might want to dip into investments to pay off mortgages, but they need to watch the markets carefully.
47 per cent said they don’t plan to downsize within two years of retiring, while 44 per cent do.
The most popular downsized dwelling was a standard condominium.
Condominium prices have been dropping rapidly in some of Canada ’s hottest housing markets.
According to one report, condo prices will have dropped by 15 to 20 per cent by the end of the year .
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