I pulled out an article from six months ago that I thought was quite entertaining. At Robert Floris’ Mortgage Architects office we are constantly scanning for information we would want to know if our roles were reversed. The great part of this article is that it was done recently with Canadians taking part of the major survey. The survey covered Canadian mortgage interest rates to the current financial climate for Canadians.
Here are the highlights with our views written below:
Almost 50% of Canadians DO NOT HAVE THE FUNDS AVAILABLE should financial emergency emerge. The reason for this:
The high cost of living in Canada.
Our reliance on debt to finance our lifestyle.
Lack of financial education.
Over one third of Millennials believe mortgage rates are high. This was amusing to me. Rates are not high; house prices are!
38% of current Canadian homeowners are finding it hard to just afford their mortgage payments and utilities.
My concern is not only their financial health but their personal health as well. They must make changes.
The biggest concern for Gen X’ers is their retirement.
They may be the smartest Canadians since lifestyle is such a big part of their lives.
Retirement is a huge factor to this segment.
Boomers will most likely be funding their retirement with their home.
A growing trend going forward will be reverse mortgages. This segment is asset rich and reverse mortgages will provide the liquidity they require.
So there you have it. With home prices going so high and mortgage rates so low, there may never be a better situation to solve these problems. If tough economic times come, it will be too late.
Robert Floris is an independent mortgage agent at Mortgage Architects in Hamilton.