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.