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BMO Retirement Institute Report: Victoria, B.C. #1 Retirement Destination for Canadian Boomers

• 15% of all people aged 50 and over are choosing Victoria BC as the top retirement destination of Canada
•  Various small towns in Ontario and Montreal are also popular

 One of the key considerations of choosing your retirement home, is very important! Some things to consider are:

• Cost of living
• Local tax rates
• Access to health care

As you can imagine, these are some very key and important reasons to picking your retirement community.

A report from the BMO Retirement Institute – Where do Canadian plan to retire, and why? – has found that Victoria, British Columbia is Canada’s hottest retirement destination.

A study conducted by the BMO Retirement Institute has concluded that Canadians are choosing Victoria, B.C on Vancouver Island as the number one spot to retire within Canada. Other top Canadian retirement destinations included:

• Small-towns in Ontario (14%)
• Quebec/Maritimes Towns (11%)

“With its mild climate, breathtaking scenery and outdoor lifestyle, it’s no wonder that so many Canadian Boomers have chosen Victoria as the ideal place to retire,” said Tina Di Vito, Head of the BMO Retirement Institute. “Additionally, a good portion of Victoria’s population is over 65 years of age and there’s a strong health care network in the region; this adds to its appeal for Canadians considering relocating upon retirement.”

The report also found that upon retirement, Canadians prefer to stay close to home! Only a small percentage have been considering retiring outside of Canada. The top retirement locations outside of Canada included:

• The United States (5%)
• Europe (2%)
• Mexico, South America and Asia (1%)

Regardless of where you choose to relocate, financial considerations need to be addressed. Relocation can lead to unexpected retirement costs, such as taxation, additional healthcare costs, and other immigration, and licensing fees.

If you are thinking about retiring, it’s a very great idea to ensure that you plan your future with a professional!

Be sure to review your:

• Healthcare coverage
• Tax differences
• Estate or investment plans
• Departure taxes
• Managing your Canadian assets as a non-resident

There could be a lot more ot manage than you realize! So make sure you take care of your affairs before you get too far along into the action of your plans.

Remember that relocation can also increase your retirement income needs, as a result of potentially higher cost of living and/or more frequent travel to visit loved ones.

To access the full report, please visit: www.bmo.com/retirementinstitute

For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control. When it comes to real estate, most people don’t have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.

The first thing you should know is to avoid pre payment penalties at all costs. What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, you’ll have to pay a penalty. You can find a variety of great loans that don’t include these types of penalties. If you find a loan that does include pre payment penalties, you should immediately turn it down and look for another loan.

You should also be on the lookout for good ARM’s. If you have a good ARM, then your interest rate and monthly payment will adjust at the exact same time. This will make sure that your interest doesn’t affect your monthly payment. If your interest rate does affect your payment, then you will notice the unpaid interest reflecting the overall amount of your loan balance.

You’ll also want to get pre approved for your house as well. This lets the seller know that you are serious about buying, and will normally work in your favor to give an edge – which is especially handy if there are several others interested in purchasing the home. Getting pre approved will also save you a lot of time as well. If you can’t get approved for a loan, you shouldn’t waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price.

Before you purchase a home, you should always be aware of how much you can afford. Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment. If you manage your money smart and know your finances, this shouldn’t take you hardly any time at all. On the other hand, if you don’t know your finances, this will take you a long time indeed.

If you’ve already purchase your first home, you should always avoid taking any type of home equity loan. These loans can be very tempting when you get in an emergency and need cash, although most home equity loans add up to more than the value of your home. You should never, under any circumstances take a home equity loan, as there are many other ways that you can clear up your personal problems without having to jeopardize your home.

Keep in mind that the above are just a few basic tips and that there are many other things you’ll need to know before you buy your very first house. You’ll need to be familiar with private mortgage insurance, special loan programs, fixed rate and adjustable rate mortgage, and several other things. Buying a home is an easy process, once you know a bit about it. If you familiarize yourself with buying a home and learn all that you can about what is involved, you’ll find the home buying process to be easier than you ever thought possible.

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