Canadians Opting for Shorter Mortgage Terms

Posted by Scott Dawson on Apr 15, 2011 in Blog, News | 0 comments

Did you know shorter mortgage terms are the current trend?

Canadians are opting for shorter-term mortgages – 39 per cent of the mortgages granted in the last year had terms of less than five years (up significantly from 20 per cent in previous years).

On average, Canadians refinance their homes every 3.5 years.

The three-year fixed rate is historically lower than the five-year fixed rate.

The three-year fixed rate is typically very competitive between lenders.

See the chart below:

If you have any questions or wish to enquire about today’s current mortgage rates, please feel free to contact Scott Dawson by any of the methods below:

Phone: (778) 668-9320
Email: scott.dawson@verico.ca