BMO: Most wealthy Canadians have paid off their mortgages

Canadians with at least $1 million of investible assets have homes worth an average of $1.5 million. A new survey from BMO Private Banking found that those with high-net-worth are almost certainly homeowners (95 per cent) with the majority (58 per cent) having paid off their mortgage. Of those who do have a home loan the average outstanding balance is $176,000. BMO’s Craig Downey commented: "It's encouraging to see that so many affluent Canadians are making it a priority to be mortgage free, a significant financial milestone for any home owner.” Those in Quebec are most likely to have a mortgage (20 per cent) while those in BC are least likely (13 per cent). Those in Alberta are most likely to have paid off their mortgage (70 per cent).

The study also reveals that more than a third (36 per cent) of wealthier Canadians have a second property with an average value of $708,359. This is most likely to be purely for vacation purposes although investment and revenue-generating are also popular reasons. Of those with more than one property 40 per cent are likely to have two or more extra properties. 

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