Briefly: “Boomers carry mortgages into retirement” and more news

By Staff | October 28, 2010 | Last updated on October 28, 2010
3 min read

For most baby boomers in Canada, having a mortgage-free retirement isn’t in their future, although three quarters say that it is important to own their home by this time, according to a new report released by TD Canada Trust.

Those in British Columbia are the least likely to own their home and be mortgage-free when they retire. The study shows only 24% B.C. boomers own their home mortgage-free, and nearly one third of boomers in the province still have more than 60% of their mortgage to pay off.

Of the boomers in Ontario, just 43% have paid off their entire mortgage and 25% have paid off less than 40% of their mortgage.

In Atlantic Canada, 41% of boomer homeowners have paid off their mortgage but 22% still have 50% or more to pay off.

In Manitoba and Saskatchewan, 45% of boomer homeowners are mortgage-free.

This survey clearly outlines the importance of planning for retirement well before middle age. While increasing mortgage payments or changing frequency may help you own your home faster, these options may not be feasible for those saving for retirement—possibly trying to make up for lost savings from the downturn.

– April Scott-Clarke

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Grahame Lyons joins Matrix Funds

Matrix Asset Management has announce Grahame Lyons has joined its Matrix Funds group as managing partner of an initiative to develop and launch new investment products.

“We are very proud to welcome Grahame to the Matrix group. We believe that his wealth of knowledge and industry contacts will help us grow a stable of high quality investment products,” said David Levi, president and CEO of Matrix. “Being able to attract an individual of Grahame’s quality is gratifying and a testament to the versatility of Matrix’s national investment platform serving institutional, high net worth and retail clients.”

Grahame has 22 years of Canadian investment industry experience, including senior positions with Dynamic Funds, Fidelity Investments and Barclays iShares. Most recently, Lyons was managing director of Claymore Investments, Inc.

– Steven Lamb

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Bob Haber joins Canoe Financial

Canoe Financial has announced Robert Haber, will assume portfolio management responsibilities for the EnerVest Diversified Income Trust on or about December 1, 2010.

Haber is the president and CEO of Haber Trilix Advisors, LP which will be a subadvisor to EnerVest’s affiliate, RiverStream Asset Management Ltd. He will take over from Cypress Capital Management Ltd.

“We are positioning the Fund for the long-term within a changing investment landscape,” said W. Brett Wilson, Chairman of Canoe Financial. “We believe that Bob Haber is the right choice to lead the Fund into the future.”

Haber is an award winning portfolio manager, best known for his past role as chief investment officer of Fidelity Investments Canada.

“Having worked with Bob for many years at Fidelity and having observed his successes firsthand I am excited to have Bob managing our largest investment fund,” said Nevin Markwart, president and CEO of Canoe. “Bob and Canoe share a vision that Canada is the place to invest. The cornerstone of the ‘GO CANADA!’ investment philosophy is that we believe that Canada will dramatically benefit from the emergence of developing economies, such as China and India, which will drive global economic growth.”

– Steven Lamb

(10/28/10) staff


The staff of have been covering news for financial advisors since 1998.