Canadians are locking into Fixed Rate Mortgages (Part 2)
New homeowners looking for greater predictability
A recent poll conducted by Nielsen finds that Canadians are increasingly focused on moving to fixed-rate mortgages.
The poll also revealed that younger Canadians are even more likely to choose a fixed rate mortgage, with 56% of Canadians aged 25-34 saying they would lock in to a fixed rate today; the number has been steadily increasing over the last four years. In contrast, more established homeowners (aged 45-54) were among those less likely to lean towards a fixed rate (43%).
For Canadians who have recently taken out a mortgage, have additional expenses, or are still holding debt, the predictability of a fixed mortgage rate may be appealing.
According to the survey, many Canadians still prefer fixed mortgage rates over VRM (Variable Rate Mortgages). Homeowners at any stage in life should consider their tolerance for fluctuating rates when choosing between a fixed or variable mortgage rate.
If you are unsure whether fixed or variable rate is right for you, contact me to find out more.