New BMO study says rich doing ‘OK’
Posted May 25, 2015 7:30 am.
This article is more than 5 years old.
Affluent Canadians seem to be doing okay these days.
According to a BMO study released Monday morning, the average home of a wealthy person is worth around $1.5-million and more than a third of the rich own at least one additional property.
The study looked at Canadians with investible assets of at least $1-million.
The study said 95 per cent of the well-off own their own home as opposed to renting, while over half have paid off their mortgage.
For those affluent members of society still paying off their mortgage, the average amount left to pay is $176,000.
BMO Vice President and Managing Director Craig Downey said it’s encouraging to see so many affluent Canadians making it a priority to be mortgage free.
