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CIBCCanadians see rates on the rise, but views on whether to choose a fixed rate or variable rate mortgage in today’s rate environment are split according to a recent CIBC/Harris Decima poll.

Key findings of the poll include:

  • 39 per cent of respondents said they would choose a fixed mortgage if they had to choose between a fixed or variable mortgage today.
  • 32 per cent said they would choose a variable rate mortgage.
  • One-quarter (25 per cent) were undecided as to which would be the better choice.
  • 61 per cent of respondents believe interest rates will be higher a year from now, while 24 per cent believe that rates will remain the same over the next 12 months.
  • Only 3 per cent of respondents believe rates will be lower a year from now than they are today.
  • The difference in opinions on whether to go fixed or variable makes it more important than ever to meet with a trusted mortgage advisor who can discuss with you the various mortgage options and help you make the right mortgage decision. Everyones personal situation is different and there is no right or wrong answer.

    The poll results also highlights that views on choosing a fixed or variable mortgage can change depending on your stage of life.

  • Among 25-34 year olds, who are more likely to be first time buyers or new homeowners, only 27 per cent would choose a variable mortgage
  • 42 per cent among respondents 45-54 years of age, who are more likely to be near the end of their mortgage and have greater tolerance for rate changes within their mortgage payment
  • While homebuyers need to make the fixed vs variable decision when they first buy a new home, existing mortgage holders should always evaluate their mortgage on a yearly basis to ensure they are still in the best mortgage product.

    If you had more questions about fixed or variable mortgages or wanted a evaluation on your current mortgage don’t hesitate to contact me by any of the methods below or leave a comment.

    Phone: (778) 668-9320
    Toll Free: 1 (888) 759-0190
    Email: [email protected]
    Twitter: @sdd