Canadians will finish paying mortgages later

A new housing survey finds one-third of Canadians will be paying off their mortgage into their seventies.

The Royal Bank’s latest housing survey finds Canadians have at least 16 years left on their mortgage at the age of 55.

But three-quarters of the people surveyed want to be mortgage-free by 65.

Analysts recommend factoring in rate increases when looking at a mortgage.

And take advantage of early renewal and prepayment options if possible.