THE DAVISVILLE & LEASIDE INSIDER

THE DAVISVILLE & LEASIDE INSIDER

Friday, November 18, 2011

Royal Bank poll finds age 55 doesn't mean mortgage freedom for most Canadians

TORONTO - More than one-in-three Canadians expect they'll be carrying mortgage debt long after they turn 65, according to Royal Bank's (TSX:RY) latest housing survey.

The report found that one-third of Canadians who are 55 or older have at least 16 years left on their mortgage term.

A majority, 57 per cent, of survey respondents said they expect to have mortgages after the age of 55, with nearly one-third expecting to carry debt after age 65.

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