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More Canadian's are Mortgage Free 04/2012

Survey shows 47% of Canadian homeowners are mortgage-free

Mortgage problems might be an issue for some Canadians — if they had one.

A new survey says 47% of homeowners are mortgage-free. The survey by Forum Research Inc. also found the wealthier you are, the more likely you are to have a mortgage.

Among respondents with household income of $100,000, 62% had a mortgage. Among those with household income of less than $20,000, 36% have a mortgage. The poll found only 13% of respondents are ready to renegotiate their mortgages to take advantages of historically low interest rates.

Participants in the survey less than 45 years of age were twice as likely to refinance their mortgage in the next year compared to older groups. Overall, two-thirds of those polled with mortgages say they expect to have their debt paid off in 15 years or less.

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