Mortgage-Free Eventually: RBC Poll Finds Majority of Canadians Hope to Pay Off Their Homes by Retirement – The title of the feed item

Nearly three-quarters (72 per cent) of Canadians with a mortgage hope to bemortgage-free by the time they reach age 65, but one-third (33 per cent) of older Canadians, those over the age of 55, have 16 or more years left on their mortgage term, according to the latest RBC Housing Snapshot poll.

“Canadians want to be mortgage-free as they approach retirement age and beyond, but the reality is that it takes prudent planning and the right advice to stay on track,” said Claude DeMone, director of Strategy for Home Equity Financing, RBC. “Using flexible and accelerated payment options are an easy and pain-free way to help take years off your mortgage and save thousands of dollars in interest costs.”

Canadians overwhelmingly say that a low interest rate is the most important feature when choosing a mortgage (96 per cent). Almost nine-in-10 Canadians also say that accelerated payment options (85 per cent) and flexible payment options (88 per cent) are important and desirable features.

Looking ahead, the majority of Canadians expect steadyinterest rates in the next six to 12 months. Almost one-in-five Canadians (18 per cent) expect rates will rise less than one per cent. Just over a quarter of respondents (26 per cent) think interest rates will rise more than one per cent in the same time period.

“Though many Canadians expect interest rates to stay the same over the next year, they should still keep in mind that it’s important to build some wiggle room into your budget to prepare for any extra costs or future rate increases,” DeMone added.

With a firm belief that interest rates will stay relatively stable over the next year, the RBC poll shows Canadians are increasingly interested in using either a variable (29 per cent, compared to 19 per cent in the first quarter of this year) orfixed rate mortgage (46 per cent, compared to 40 per cent in the first quarter of this year). Interest in using a hybridmortgage (part fixed, part variable) has declined (25 per cent, compared to 41 per cent in the first quarter of this year).

DeMone offers the following mortgage advice that will help Canadians pay down mortgages faster and get the right one to meet their individual needs:

1. “Stress test” your mortgage for rate increases.If you are concerned about affordability down the road, knowing what your payments would be with a one to three per cent rate increase will give you greater peace of mind that your new home is affordable both today and in a few years, when rates might be higher.
2. Look beyond the interest rate and consider your prepayment options. Many closed mortgages allow you to double up a payment or pay a lump sum on your mortgage annually without prepayment charges. Prepayments are applied directly to the principal balance, helping to save thousands of dollars in interest costs over the life of the mortgage.
3. Take advantage of early renewal options. Some mortgages allow you to renew up to 120 days before the end of your term. This means you can lock in your new mortgage rate early.

Poll highlights:

• An equal amount of Canadians in the 35-54 age group plan to be mortgage-free by age 55 (39 per cent) or by age 65 (39 per cent).
• Young Canadians (age 18-34) have the most aggressive views of when they will be mortgage-free (by age 35: 12 per cent; by age 45: 26 per cent).
• Among Canadian homeowners, the number of mortgage-free Canadians has increased slightly to 41 per cent in the fourth quarter from 38 per cent in the first quarter, and the highest level since 2006.
• Canadians ages 55 and over were more likely to expect interest rates to stay about the same in the next six to 12 months (55+ 60 per cent compared to the national average of 51 per cent).

One-third of younger Canadians (18-34: 34 per cent) anticipate a steeper increase in interest rates in the next six to 12 months.

Regional highlights for British Columbia, Alberta, Prairies,Ontario, Quebec, and Atlantic Canada are also available.

Canadians can visit the RBC Advice Centrewww.rbcadvicecentre.com for advice on the costs associated with purchasing a home. The RBC Advice Centre is an online resource, with videos and interactive tools and calculators, that gives Canadians access to advice about all aspects of their finances including their homeownership goals – whether they are buying their first home, planning their next move, renovating or managing their current home financing. With the guidance of RBC mortgage specialists, Canadians have access to free, no-obligation professional advice and personalized one-on-one service about RBC mortgage products and services.

RBC is the largest residential mortgage lender in Canada. As the country’s number one source of financial advice on homeownership, RBC conducts consumer surveys as one way to provide insight to Canadians about the marketplace in which they live. These are some of the findings of the RBC Housing Snapshot poll conducted by Ipsos Reid between from October 6-14, 2011. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample’s composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of 2,282 adults, with 100 per cent response rate, would have an estimated margin of error of ±2 percentage points, 19 times out of 20. The margin of error within subgroups of the sample will be higher.

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For more information, contact:
Ka Yan Ng, RBC Communications
Matt Gierasimczuk, RBC Communications

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RBC Donates $2.6 Million to 99 After-School Programs Across Canada – The title of the feed item

The RBC After-School Grants Project announced on November 17, 2011 that 99 community-based organizations across Canada will share $2.6 million in funding to provide after-school programs, including 15 new grant recipients. RBC has been supporting after-school programs since 1999, helping provide children with a safe, supervised environment for activities outside the classroom.

“Having funded 227 after-school programs since 1999, we know that children who participate in these programs have enhanced social skills and show increased motivation to excel in school,” said Shari Austin, vice-president, Corporate Citizenship at RBC. “We are very proud that our grants continue to help community-based organizations provide engaging activities that keep kids safe, inspire them to learn and grow, while alleviating some pressures for working families.”

RBC After-School Grant recipients represent a diverse range of community based organizations, and were chosen by members of the community. Each program will receive up to $40,000 from RBC. There are 15 first-time grant recipients, including:

BRITISH COLUMBIA

• Chilliwack Central Elementary School - A grant of $40,000 will help this downtown school provide a free after-school program to about 50 children, five days a week. Children can get help with homework, enjoy daily story time, visit the local library, participate in a formal fitness program, and receive art instruction.
• KB Woodward Elementary School - A grant of $40,000 will help this school, located in Surrey where half of the residents are newcomers to Canada, provide a free, daily program for 30 children aged 6-12. Many other community partners are engaged to help deliver tutoring, ESL and literacy, athletics, arts and music programs, computer workshops and a science program.

ALBERTA

• The Airdrie Boys’ and Girls’ Club - A grant of $40,000 will help this organization start a new, daily after-school program for about 30 teens, aged 13-18. This program addresses a need for local children to have access to organized activities and homework help and will provide group and individual life skill development, a book club, and weekly volunteering opportunities.
• The Cerebral Palsy Association - A grant of $40,000 will help this organization start a new after-school program for teens with disabilities. The funds will be used to purchase specialized equipment, develop programming and educational resources. Activities will include homework help, art, mentoring, healthy snacks, computers, music therapy, cultural trips and sports.

SASKATCHEWAN

• YMCA King George Community School - A grant of $34,000 will help provide a daily after-school program for 35 First Nations children aged 6-12, with culturally-sensitive activities as well as swimming lessons, tours, and activities at the YMCA.
• Boys and Girls Clubs of Regina - A grant of $40,000 will help the Boys and Girls Club deliver free programming for 20 children, aged 7 to 14, in Regina’s inner-city, where youth face issues such as malnutrition, gangs, substance abuse and lack of access to social supports. Activities will focus on skill development and artistic expression in a safe environment.

MANITOBA

• Boys and Girls Clubs of Winnipeg, Aberdeen Club- A grant of $40,000 will help this organization deliver a free, daily after-school program to about 25 children aged 6-14, many of whom are Aboriginal. Activities will include organized sports, art and performing arts, homework help, computer instruction and environmental programs.

ONTARIO

• The Beyond 3:30 program/ Kane Middle School, Toronto - A grant of $40,000 will allow this organization, serving a neighbourhood where drop-out rates are increasing, to provide a free, daily after-school program to more than 40 children aged 11-14. The program will offer homework help, a Book Club, a Junior Chefs Club, sports, music activities, as well as provide a nutritious snack, and discussions about topics ranging from gardening to bullying.
• Harmony for Youth, Sarnia - A grant of $40,000 will help this organization run an after-school program in a region where children often lack the resources and supports they need just to complete their homework. The free daily program will be open to 25 participants aged 4-18, and will provide tutoring, cultural activities, such as music, crafts, cooking, leadership skills, mentoring, nutritious snacks, computer support, and outdoor activities, ‘pay it forward’, and a bully-buster program.
• Essa Public Library After School Program - A grant of $39,400 provides a daily after-school program for 40 children aged 8-13, including children from military families stationed at CFB Borden, who face additional challenges because of frequent moves from school to school. The program will provide daily homework help through peer-tutoring, physical activities and games, art and crafts, special guests, music and a nutritious snack.
• Wasauksing First Nation - A grant of $40,000 will help this community provide a daily after-school program to 25 students aged 12-18. The program is intended to help students transition from a small elementary school to the nearby high school through activities that help build self-esteem in a safe environment. RBC’s funds will be used to provide activities requested by the youth themselves, including sports, homework help, hand drumming and dancing, leadership opportunities through Drum Chiefs and Drum Kwee, access to a computer lab and nutritious snacks.

QUEBEC

• Projet Harmonie, Montreal - A grant of $40,000 will help this organization provide a free, daily after-school program for 30 children aged 6-12. Children benefit from a range of activities including homework help, reading exercises, sports, music and even food-shopping expeditions to learn about the importance of good nutrition.
• Centre communautaire Hochelaga, Montreal - A grant of $35,000 will help provide a daily after-school program for 25 participants aged 6 to 12. Children will get homework help and access to computers in a safe environment. The program also engages youth and seniors from the community so that participants can benefit from intergenerational connections.

ATLANTIC

• Lower Sackville Boys and Girls Club, Nova Scotia- A grant of $35,000 will help provide a daily after-school program for 80 children aged 5-16. The funding will be used to add a new athletic program and math tutoring, to the current range of activities such as homework help, a reading club, swimming, arts and cultural activities, computer instruction and a science club.
• Jello Tree After School Program, Shelburne County Youth Health and Support Association, Nova Scotia - A grant of $40,000 will help provide a free, daily after-school program for 30-35 participants aged 5 to 16. Activities include daily homework help, organized sports, art, leadership training, guitar, voice and song writing, as well as supervised time on computers, discussion groups/workshops by staff on topics ranging from addictions to healthy lifestyle choices, nutrition and bullying.

To be selected for a grant, after-school programs must offer structured and supervised activities for children between the ages of six and 17. The programs must focus on what RBC calls the “three Ss” — safety, social skills and self-esteem. RBC’s grants are used to provide a wide-range of activities including computer instruction, sports, literacy tutoring, music and art lessons, nutrition guidance, and homework help.

Since 1999, RBC has provided more than $25 million in grants to 227 after-school programs in Canada, helping more than 24,000 children.

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For more information, please contact:
Jackie Braden, RBC Brand Communications, (416) 974-1724

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