Quote:
Originally Posted by squiggs96
Why would it be almost impossible? Are you saying that everyone in the middle and upper classes would have their mortgages paid off by the time they turn 39? Do you mean "to not have"?
If your statement was correct, I don't understand.
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oops typo on my part., I mean i think it is common place to expect people to have mortgage debt until they are in their 40s/50s.
i mean i think if you look at a very high level average, with people establishing themselves (after graduating, and getting a meaningful job/income) you're looking at buying your first home/property around the 25-30 year age.
Assuming some level of upgrade as you start or have a family 5-10 years within that, and assuming a 25 year term, outside of unexpected lump sums of money falling in one's lap (or substancial increases in income not offset by the cost of kids, etc) , you're paying that off into your 40s/50s.
i'm sure there's ways to offset this, but that seems like the way the system is built for the avg canadian.