I got this information from Wayne Mah, a mortgage broker that works in our marketplace The Canadian Association of Accredited Mortgage Professionals (CAAMP ) released the results of an extensive survey conducted by them that found 86% of Canadians are taking a fixed rate mortgage when buying a home.

In fact, a whopping 70% were taking a fixed rate term greater than 5 years!!!

This is contrary to extensive reports of the government worrying about people over extending themselves by taking advantage of lower variable rate products. Of note is that this survey does not include renewals or re-finances of existing mortgages.

Wayne Mah was not shocked by the results of this survey. In his 15 years of experience he has found that most of his clients are very prudent and cautious with their finances. This information is in line with the general consensus that Canadians are much more conservative than their American counterparts. We believe that regulation has something to do with it but, more it is a philosophical difference between us and our neighbors to the south.

We have found that most of our clients prefer to know what their monthly mortgage payments will be. As well, we have had just ridiculously low fixed rate mortgages over this past year. Even today, one can still get a fixed 5 year rate mortgage as low as 3.50%.

With rates this low, it is safe to take a fixed term mortgage. I did on my principal residence. If you have any questions or, require any assistance with your mortgage or re-financing, please contact us. We would love to help you.

Best regards,

Tony Cikes
Sutton Westcoast Realty
604.616.TONY(8669)
www.tonycikes.com

www.condoguys.com

PS: Wayne Mah is a mortgage planner with the mortgage center. He can be reached at (604) 880-1899 or e-mailed at mah.w@mortgagecentre.com.

Posted via email from Vancouver Condo Real Estate Blog