Industry News

Survey: Canadians make smart home-ownership decisions

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Most Canadians exercise caution and financial prudence in financing their homes, according to a study by a major mortgage broker in Canada. A June 2005 online study of more than 600 Canadian borrowers by Mortgage Intelligence, a GMAC company, found that 95 percent have financed primary residences, with 69 percent choosing fixed-rate mortgages over variable-rate mortgages, The survey, conducted by Millward Brown, also found that 48 percent of primary mortgages held in Canada are under $100,000. Nearly 50 percent of Canadians took advantage of their prepayment options, choosing to make lump sum payments or increase payment amounts, the study said. "These findings certainly paint Canadians in a positive light when it comes to fiscal responsibility," said Karl Wondrak, President, Mortgage Intelligence, in a statement. "Most Canadians are unlikely to overextend themselves when it comes to buying a home. Peace of mind plays a major role in the purchase, as indicated by the preference ...