17 July 2018

The poll results were released after the recent CIBC’s report showing that 72% of Canadians expect one more rate increase during the next 12 months. At the same time, only 54% would choose a fixed rate mortgage in case they had to decide right now.

Today, 77% of respondents have a fixed-rate mortgage, while 19% said they would prefer a variable-rate mortgage, and 26% couldn’t decide.

The report says 83% of Canadians choose predictability and stability, when it comes to their money.

“The majority of Canadians consider a fixed mortgage to be a great option, especially if you’re at the start of your mortgage road or you have difficulties with managing the expenses,” – CIBC senior vice president Tracy Best noted.

“Meanwhile, those who prefer a variable mortgage, may save due to a lower rate initially, but they need to be ready for potential rate changes in the future. In case rates rise, they have to decide how it will affect their finances and lifestyle.”

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