Go to Main Content

Advertisement

By Romana King on December 16, 2015
Estimated reading time: 1 minute

Pay down your mortgage faster

By Romana King on December 16, 2015
Estimated reading time: 1 minute

Roughly 140,000 Canadian home owners paid off their mortgage in 2015

Advertisement

Not everyone agrees with the philosophy of investing first before paying off your mortgage. I don’t have a problem with that. Not because the advice was wrong, but because there is no silver bullet answer when it comes to prioritizing where to put your money. Each person or family must consider their own goals and priorities, while determining what their current and future prospects look like along with the diversity of their current saving’s portfolio. Apparently, about a sixth of mortgage-holders in Canada prioritize paying off this debt first. According to the Mortgage Professionals Canada’s annual report, about 100,000 Canadian homeowners fully repaid their mortgages by September 30, 2015. A further 40,000 home owners were expected to fully repay their mortgage before year end—for a total of 140,000 repaid mortgages this year. For help in paying down your mortgage faster, consider MoneySense senior editor David Hodges’ advice: [brightcove video_id=”6023884028001″ account_id=”6015698167001″ player_id=”lYro6suIR”] Read more from Romana King at Home Owner on Facebook »

Comments Cancel reply

Related Articles

Photo of a holiday gift cut with scissors—symbolizing a December Bank of Canada rate cut.

Making sense of the Bank of Canada interest rate decision on December 11, 2024

Making sense of the Bank of Canada interest rate decision on December 11, 2024

A maintenance worker outside the Bank of Canada building on Wellington Street in Toronto

Bank of Canada lowers key interest rate by 0.5%

On Wednesday, the central bank announced a jumbo rate cut—its fifth cut in a row since June—and signalled a...

Bank of Canada lowers key interest rate by 0.5%

Why Canadian consumer debt continues to grow

Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...

Why Canadian consumer debt continues to grow

Why are mortgages so expensive in Canada?

Why are mortgages so expensive in Canada?

Three loonies sit on a map on the Canadian-U.S. border

How Trump’s election win could affect interest rates in Canada

Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.

How Trump’s election win could affect interest rates in Canada

A young woman surrounded by moving boxes in her new home

Looking for a mortgage in B.C.? Don’t limit your options to the big banks

Looking for a mortgage in B.C.? Don’t limit your options to the big banks

Why are Canadians still frustrated with the economy?

Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...

Why are Canadians still frustrated with the economy?

Calgary skyline

Alberta called—“What I wish I’d known before making the move”

“After rushing into the real estate market, I quickly learned I wasn’t ready for the real cost of home...

Alberta called—“What I wish I’d known before making the move”

Photo by emojiisland

Making sense of the Bank of Canada interest rate decision on October 23, 2024

Making sense of the Bank of Canada interest rate decision on October 23, 2024

Bank of Canada delivers half percentage point rate cut

The central bank lowers its key interest rate to 3.75% and says it now must keep inflation at 2%....

Bank of Canada delivers half percentage point rate cut