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According to a survey conducted on behalf of CIBC Bank at the beginning of March, 50% of Canadians would opt for a fixed mortgage rate today, compared to 39% last year.
At 32%, the popularity of variable rate mortgages has not changed. However, the percentage of people who are undecided has dropped considerably, from 30% last year to 18% this year. Conclusion: most Canadians who were undecided last year opted for a fixed rate given the stability of the interest rate.
Final result: just 6% of Canadians believe that mortgage rates will decrease over the next year, while 86% believe that they won’t change. If they do change, they will go up.
This is good news in the eyes of the CIBC, because it means that many owners took into account a potential increase in interest rates in their mortgage planning, which is a sign of caution.[……]