60% report having less debt than a year ago
Alberta homeowners report the most success in the country in year-over-year debt reduction.
A Manulife Bank of Canada survey has found that 60 per cent of homeowners in the province said they have less debt than they did 12 months ago.
Across Canada, 55 per cent of homeowners were in that situation.
The survey said just 20 per cent of Canadian homeowners report having more debt than they did a year ago, with the balance reporting no change in their debt level (16 per cent) or being debt-free over the past 12 months (nine per cent).
“This is an encouraging result,” said Doug Conick, president and chief executive of Manulife Bank of Canada, in a news release. “Effective debt management should be a core component of every financial plan. This is true whether you’re just starting out in life and trying to manage the amount of interest you’re paying or approaching retirement and trying to ensure you’re debt-free before you get there.”
Regionally, homeowners in Alberta (60 per cent) and Ontario (58 per cent) are most likely to feel confident they’ll be debt-free when they reach retirement, while those in Manitoba and Saskatchewan (53 per cent) and Atlantic Canada (50 per cent) are least likely to be confident, according to the survey.
Across the country, 56 per cent of homeowners are confident they’ll be debt-free at retirement.