Majority of Canadians choose to lock in mortgage rates, CIBC says
A new poll by CIBC has revealed that more and more Canadians are opting to lock in monthly payments, betting that mortgage rates won’t fall any further in the near future.
57 per cent of the respondents said they would choose a fixed-rate mortgage if they were to acquire, refinance or renew a mortgage today – the number was up from 48 per cent in 2014 and 39 per cent in 2011.
CIBC found a mere 30 per cent of Canadians would pick variable home loan rates, and 11 per cent were not sure.
"The poll results confirm what many of our clients are telling us, that they don’t expect rates to go any lower and, in today’s housing market, they want the comfort and security of knowing exactly what their mortgage payments will be for the next four or five years," says Barry Gollom, a vice president at CIBC.