A new report from online rate comparison portal LowestRates.ca has found that nearly a quarter (24%) of Canadians did no comparison of the best rates available before their mortgage purchases.
Homebuyers aged 55 and above were the least likely to perform rate comparison research. Of this age demographic, 33% did not conduct any rate shopping whatsoever prior to getting a mortgage. Under a third of Canadians living in Atlantic Canada (30%), Quebec (31%), and British Columbia (26%) were most likely to purchase a mortgage without doing any preliminary comparisons or research.
The recent interest rate increase by the Bank of Canada has pushed more buyers to do their homework. After the announcement, 47% of those polled spent at least 1 hour researching their mortgages before purchasing, LowestRate.ca said.
A recent CIBC poll found that 72% of Canadians expect to see an additional increase in interest rates over the next year, but only 54% would opt for a fixed-rate mortgage if they were to sign papers today. The majority of the respondents identified a desire for “predictability and stability over risk” when it came to their personal finances.
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