CMHC poll suggests majority of homeowners believe they will pay loans off early

CMHC poll suggests majority of homeowners believe they will pay loans off early


A recent online survey conducted by CMHC shows that 81 per cent of recent homeowners in Canada are comfortable with their current level of mortgage debt.


The survey polled 2,500 active mortgage borrowers who mostly believe they have a strong chance in paying off their loans early, showing that Canadians are not too worried about their mortgage debt load.


Sixty-eight per cent of the recent homebuyers polled believe they can pay off their mortgage sooner than required.


This survey comes after economists believe the interest rate will start going up in Canada and warnings to potential homebuyers that they should be careful as to the amount of debt they take on.

3 Comments
  • Jeff Gingerich 2010-04-28 5:01:17 AM
    I'd be curious to know the makeup of that group as I think the 68% might be a bit optimistic. My experience is that the great majority of people just make their scheduled payments and many refinance causing them to pay their mortgage off later, not sooner.
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  • Joe Ornato 2010-04-28 5:11:59 AM
    I Find it funny that consumer confidence and soaring sales in luxury homes are happening at the same time! Canadians "think" they can afford payments, so they buy a luxury home, all while interest rates are still very low. Remember that the debt-to-income ratio is at an all time high, so this confidence can easily be squashed with aggressive rate hikes.
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  • Zolman 2010-04-28 7:02:14 AM
    In Calgary luxury home sales are at standstill according to Realtors. Where are these statistics are coming from? Or other part of the country is more blessed? This is like saying we have a shortage in condominiums on the market in Calgary. Yeah, right.
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