2 April 2014
This study was conducted during 11 days at the end of 2013 among 500 mortgage holders and 260 mortgage intenders. The results were released a few days after Joe Oliver said he would watch the mortgage market closely.
“As you know, we’ve already taken measures for decreasing the consumer debt level and reducing the government’s influence on the real estate market,” – Mr. Oliver said last Thursday. “And I will keep monitoring the market.”
The survey also found that 54% of mortgage holders can afford making additional payments. Meanwhile, 16% of respondents noted they wouldn’t be able to increase their current payments. It means that any rise in long-term rates may have negative effect on a few Canadian borrowers.
Most mortgages we are originating for our clients have generous pre-payment privileges and various flexible features. By using prepayment options our borrowers are paying less interest to banks and becoming mortgage free faster!