About 60% of Canadian homeowners say they have taken advantage of the current low interest rates to pay down their mortgages…The poll found that 64% of mortgage holders expect rates to be higher over the next year, while 66% expressed concern about the impact on their finances. The Toronto Sun
LOTS of Canadians using low interest rates to pay down debt…
March 25, 2010
Interest rates have been at all-time lows (not to sound like a broken record), and Canadians have been using the lower carrying cost to decrease their debt burden. A survey was conducted by BMO:
Everyone knows rates are going up. We’ve heard it time and time again and in an announcement yesterday Mark Carney, Governor of the Bank of Canada, hinted not-so-subtly that it would occur.
RBC found that 18% of their mortgage-holders put down a lump-sum payment in addition to their regular monthly payments and another 16% doubled their mortgage payments. That’s some prudent budgetary management! If only Ontario’s provincial government could be that fiscally responsible (but that’s a whole other can of worms!).