Who's afraid of higher interest rates? Not Canadian home buyers, says CMHC The Canadian Press
OTTAWA — The Bank of Canada may be concerned about the level of debt homeowners are assuming, but consumers who have recently taken out or renewed their mortgage are not.
A new online survey of Canadians active in the mortgage market, including first-time buyers, shows the vast majority are not only comfortable with their level of debt, but two thirds think they will pay their loans off sooner than required.
The annual survey by Canada Mortgage and Housing Corporation also suggests that Canadians are savvy consumers when it comes to buying a home.
On average, consumers surveyed say they took a year to think through their decision and 89 per cent said they used the Internet to research mortgage options.
"First time home buyers, they do their homework," said Pierre Serre, the CMHC's vice president of insurance product and business development.
"The key findings are that people are getting more into the Internet, people are getting informed and people are comfortable with home ownership."