57% of Canadians Try to Pay Off Mortgages Quickly

A recent survey by the CMCH shows that 57% of Canadians try and pay off their mortgages more quickly as reported in the National Post.

This is much lower than the 76% of Quebeckers who bought a home and were planning to pay off their mortgage as quickly as possible. 65% said they would use additional funds available to to pay down the principal when they could.

Other points:

  • 55% of recent homebuyers in Quebec are making weekly or biweekly mortgage payments
  • 3/4 are on an accelerated basis (which decreases the time to pay off the mortgage as is explained here
  • 86% of mortgage holders in Quebec felt confident they could manage their debt
  • 87% of recent purchasers felt that the mortgage choice they made was the best option for them

Related Topics

Mortgage News / Mortgages

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