23 July 2010
• 23% of mortgage holders made a lump-sum pre-payment or increased their payments in the last 12 months.
At first it seemed to us a good idea, but then it turned out to be not so perfect. The deal is that people overpay their mortgage rates for large pre-payment privileges which they never use.
• 49% of homeowners, purchasing their new house, made 20% down payments (or even more).
It’s wise enough. Previously, CMHC announced that 42% of potential home buyers were going to make at least a 20% down payment
• 59% of Canadians say they pay their credit cards in full when due.