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CIBC’s Poll Says Few Canadians Who Pay Down their Mortgages

Canadians home

The recent survey made by CIBC showed that there is a drop in the count of Canadian people who are using cheaper interest rates to repay their mortgages. Probably, there are many factors that lead many Canadian people caused them for not using low interest rates to pay down their mortgages.

 

Based from the survey, it has been found out that almost half of the people in Canada who have mortgages usually take more steps to repay their mortgages faster. The finding of the survey is similar to the findings of a survey held and conducted last year. Last year, a similar survey found out that 68 percent of the Canadian people took one or more actions on paying their mortgages.  Decrease in the number of people and payment value of Canadian people to their mortgages caused increase to the number of people in Canada who make lump-sum payment to their mortgages. Another report says that most Canadian residents think and expecting that when they reach 58 years of age, they will be finally mortgage-free.

 

A report also said that most people who are not paying out their mortgages are using their spare money in other things. There are many factors that can lead many Canadian people pay out their mortgages faster because they use their extra money on other things that they think are more important. The report and poll also say that most Canadian people use their money on home improvement and for vacations. More than 30 percent of survey’s respondents say that they fail to pay out their mortgages because they used their spare money on renovating their homes and more than 20 percent say that they used their money for local and international vacations.

 

According to Barry Gollom, the Vice President of Secured Lending and Product Policy said “mortgage is one of the biggest debts that many Canadian people take and being free from a mortgage is a very important thing.” Many people in Canada who have mortgages must use low current mortgage rate to suborn their mortgages so that they can save more money and they can clear out their mortgages faster.

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