Home Ownership Survey

March 25, 2010

Royal Bank of Canada by Wally Gobetz

Royal bank Canada has yesterday released the results of its annual home ownership survey. 2,047 selected adult Canadians, statistically chosen according to their age, sex and region (as it was in the 2006 census data) took part, and here are the results! The majority, that is 64 percent, of Canadians predict mortgage rates to increase in 2010. About the same percentage, 66 percent, of them is actually quite worried about high rates.

About three quarters, 73 percent of respondents are convinced that buyers have to think ahead to make sure that they will be able to pay off their loans, even after rising of interest rates. Currently, 84 percent of mortgage holders believe that they are doing a great job in paying down their mortgage but almost half, 49 percent of respondents are not satisfied and their mortgage is larger than they though it would be.

Well, as the mortgage rates are still very low (and have been for a long time), I am a little surprised that only 64 percent of Canadians expect them to increase this year. I though it would be a higher number.

You might also like

1. Ontarians On Housing and Economy
2. Warning by the Bank of Canada
3. Decreased Canadian Consumer Confidence
4. Bank of Canada advises consumers to be responsible
5. No Rise of Interest Rates

Posted in Toronto Real Estate News | No Comments »