A new report from Statistics Canada says that those who choose to become homeowners earlier in life were able to reap the benefits of their decision later on down the line, when owning their home made a significant impact on their incomes and household finances.
The research, which was based on data from the firm's Survey of Household Spending from 1969 and 2006, found that the incomes at homes headed by those at retirement age were much higher than those who had been renters, simply because they didn't have to pay rent once they had stopped working.
According to the study, roughly 70 percent of households run by someone over the age of 70 owned their homes during both years, and roughly 90 percent of those owners had completely paid off their Canadian home loans by the time they retired.
In 1969, those who owned their homes had net incomes roughly 11 percent higher than those of their renting contemporaries. By 2006, that benefit had actually increased to 17 percent.
Many Canadians remain worried about their ability to afford retirement. A recent Investors Group poll found that 59 percent of people between 45 and 64 were concerned about the financial situation surrounding their retirements.
