mortgage-drawing

More than half of Canadians (57%) are locking in monthly mortgages at today’s low interest rates, finds a new CIBC poll—that compares to 48% in 2014, and 39% in 2011.

It adds the number of Canadians selecting variable-rate mortgages has held steady at 30% for the last five years.

Read: Prepare clients for interest rate risk

CIBC vice-president Barry Gollom says, “Clients are telling us they don’t expect rates to [drop] any lower. And, in today’s housing market, [most] want the comfort and security of knowing exactly what their mortgage payments will be for the next four or five years.”

In fact, only 44% of respondents expect higher mortgage rates next year, down from 47% in 2014, and 61% in 2011. About the same percentage (42%) expect rates to remain the same for the next 12 months.

Read: More Canadian banks cut lending rates

Gollom adds, “[Interest] rates tend to factor heavily into [mortgage] decisions, but it’s important to [also] make decisions based on your financial situation, and how well you’re able to juggle monthly payment[s], expenses and saving.”

Read:

Provincial breakdown of poll findings

By region, the percentage of Canadians who would choose a fixed-rate mortgage today is as follows.

2015 2014 2013 2012 2011
National 57% 48% 45% 50% 39%
Atlantic Canada 59% 50% 37% 63% 43%
Quebec 58% 48% 45% 51% 45%
Ontario 55% 48% 41% 49% 35%
Manitoba

and Saskatchewan

55% 47% 64% 46% 33%
Alberta 58% 42% 47% 49% 36%
British Columbia 58% 51% 49% 48% 38%

Originally published on Advisor.ca

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