British Columbians have the lowest levels of debt in Canada

[Al Czervic]

Oh, one day, gramma, one day.

I'll have a mortgage burning party, everybody will be invited.

It’s funny you mention that. In my 40’s I recall attending “mortgage burning” party’s on a somewhat regular basis, but you seldom hear about them anymore.

[steven lloyd]

Banks in Europe introduced the idea of "intergenerational mortgages". You buy a house you will never be able to afford (the only kind available in Europe) and start paying a mortgage you will never be able to pay off. Don't worry. Your children will assume the mortgage at some point, and if all goes according the banks plan, their children will eventually assume it as well. The banks love this idea. Never mind an individual's servitude of debt. Why not his children and grandchildren as well ?

This idea, and variations of it are already creeping into North America, and support the continued increase of housing prices to unachievable levels. The Asians moving into BC are not unfamiliar with this idea, and often have large, close-knit families who are comfortable working together toward a common goal - even one to be realized by the next generation.

[Al Czervic]

That is a fairly accurate observation….real estate is very highly priced in many areas of Europe and more frequently in Asia these days as well. When people come over to Canada, even expensive B.C, we are a relative bargain…thus they drive up housing costs for local residents as well.

What B.C. really needs is an additional foreign ownership property purchasers tax and use those revenues to help fund BC Housing.

[Glacier]

It’s funny you mention that. In my 40’s I recall attending “mortgage burning” party’s on a somewhat regular basis, but you seldom hear about them anymore.

That's because no one gets out of their mortgage anymore until they're too old to celebrate.

[Leifer]

That's because no one gets out of their mortgage anymore until they're too old to celebrate.

At the ripe old age of 45 I finished paying for our current home. But then my wife convinced me that we needed another 45K in renos .
Anyhoo....three more years and we are mortgage free again!!
My situation is not that unusual....there are other folks my age mortgage free and pilling money into vacation properties or rentals for income.

[mr.bandaid]

I paid off my mortgage a couple of years ago and was waiting for something from the bank to burn, what I got was a call from them asking me to come in and rewrite. I asked the lady if she actually read her screen or just looked at the dates. Anyhow, they do not send out paper confirmation anymore so far as I know.