A new study has revealed the areas in Canada with the most mortgage-free homeowners!

Online gambling experts at Casivoo analyzed 2021 data from Statistics Canada on the number of private households in the country and their status. This included owners with a mortgage, owners without a mortgage, renters and subsidized housing. The areas with the highest percentage of mortgage-free homeowners were used to determine the ranking.   

Thunder Bay, Ontario ranks at the top, with 47% of homeowners being mortgage-free.

From a total of 37,700 private households,17,745 have paid off their mortgages and 19,950 have not – 53%.  

In second place is Peterborough, Ontario, with 45.2% of the private households without a mortgage. Peterborough had a total of 35,975 homeowners; 19,720 with mortgages and 16,260 without.   

Third in the ranking is St. Catharines-Niagara, Ontario, with 43.5% of homeowners having paid off their mortgage. Of the 126,980 homeowners in St. Catharines, 55,275 are mortgage-free and 71,710 are not.    

Victoria, BC and Windsor, Ontario round out the top 5!

If you’re wondering where Barrie, Ontario placed on the list. We placed last with 31.8% of homeowners having paid off their mortgage.  Of 57,315 households, 18,260 are mortgage-free and 39,060 are not – 68.2%.