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Canadians like to pay off mortgage debt fast

CMCH survey says 75% of all respodents to the 2006 mortgage consumer survey conducted by the Canada Mortgage And Housing Corporation indicated that they aim to pay off their mortgage as soon as possible. 50% said that they would pay extra money towards mortgage whenever possible. Canadians, particularly young Canadian are cautious about their mortgage financing. Canadian mortgage survey also says that 84% mortgage consumers are satisfied with the services available in the mortgage industry. Survey also shows that Canadian like to deal with Canadian based lending institutions.
A small percentage of Canadians renew their mortgage with another lender or switch to another lender during the term of their mortgage, but majority of people remain loyal to their mortgage lender.

27% consumeres used the services of a mortgage broker, which is unchanged from previous years. However, when refinancing more people used a mortgage broker compared to past years. 71% Canadian refinanced their mortgage before the set renewal date. Most common reason for refinancing was renovation or improvements to the home.

Low interest rates, and high activity in the real estate sector are expected to keep the trends going into 2007.

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