Homeowners Worry About Rising Rates
A recent survey conducted by Royal Bank of Canada revealed that while more Canadians are anticipating entering the housing market before interest rates and home prices rise, current homeowners are concerned about the potential of those higher interest rates.
However, another survey conducted by Ipsos Reid showed that up to three-quarters of homeowners think that being well prepared is the key to handling an uncertain market.
The Ipsos Reid survey also showed that:
- six in 10 mortgage holders have taken advantage of the low rates to pay down their principal
- 18 per cent of homeowners have made a lump sum payment on their mortgage
- 16 per cent of homeowners have doubled up on their mortgage payments to reduce principal.
With the looming threat of rising interest rates, new changes to mortgage lending rules and the HST coming in the near future, there is a real sense of urgency to get into the market, refinance, or make a change to a new house. Is it time for you to make the move?
