• caamp-logo

    The Canadian Association of Accredited Mortgage Professionals (CAAMP ) released the results of an extensive survey conducted by them that found 86% of Canadians are taking a fixed rate mortgage when buying a home. In fact, a whopping 70% were taking a fixed rate term greater than 5 years!!!

    This is contrary to extensive reports of the government worrying about people over extending themselves by taking advantage of lower variable rate products. Of note is that this survey does not include renewals or refinances of existing mortgages.

    I personally am not shocked by the results of this survey. In my 15 years of experience I have found that most of my clients are very prudent and cautious with their finances. This is in line with the general consensus that Canadians are much more conservative than their American counterparts. I believe that regulation has something to do with it but more it is a philisophical difference between us and our neighbours to the south.

    Although the survey does not include renewals or refinances I believe that those numbers would be fairly high as well for people taking fixed rates at this time. This is based on what I am seeing with my clientele and those of my colleagues in our office.

    So what did you do with your mortgage? I would love to hear from you.

    Survey results

Leave a reply

Cancel reply