According to CMHC, Homeowners “Comfortable”
With all the worry over how increasing interest rates are going to affect Canadian mortgage holders, it’s heartening to see a new survey commissioned for the Canada Mortgage and Housing Corporation, which says that 81 per cent of homeowners are “comfortable” with their current level of mortgage debt.
The survey also found that Canadians are taking advantage of the ability to pay down their mortgages faster with 68 per cent of respondents admitting that they “feel there is a strong chance they will pay off their mortgage sooner than required”. Also, 27 per cent of respondents disclosed that they are taking steps to pay down their mortgage faster, either by making lump-sum payments or by increasing regular payments.
It’s great news to see that Canadians are using the options available to them in their mortgage contracts to pay down their mortgage debt. Let’s keep the news positive!
