OTTAWA - The vast majority of recent Canadian home buyers are OK with their current mortgage debt, according to a new online survey.
The survey of 2,500 active mortgage borrowers found 81 per cent of them were comfortable with the level of their current mortgage debt.
The poll was conducted by Canada Mortgage and Housing Corp., a federal Crown corporation that provides mortgage insurance to home buyers.
The survey also found 68 per cent of the recent homebuyers felt there was a strong chance they will pay off their mortgage sooner than required.
The CMHC survey comes as many economists expect Canadian interest rates to start moving up.
There have been warnings that homebuyers should be careful about the amount of debt they take on. With the prospects of higher interest rates, servicing higher debt could become more difficult.
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b r i a n m a y e r real estate sales representative
Royal LePage Your Community Realty Brokerage
independently owned and operated
187 King St. East Toronto, ON. M5A 1J5
(416)-637-8000
Helping You is What We Do.
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