Stats on Mortgage Psychology

Here's some interesting insights into the minds of Canadian mortgage shoppers, courtesy of RBC's 2007 Homebuyers Survey.

  • 66% of Canadians say it's difficult to choose between fixed and variable rate mortgages.
  • Despite the potential interest savings, only 12% of fixed-rate shoppers would choose a variable rate mortgage instead.
  • The biggest reason people don't choose variable rate mortgages is fear of changing monthly payments.  The truth is, fixed monthly payments and variable rate mortgages are not necessarily mutually exclusive.
  • Most popular mortgage term:  5-year (46% choose it)
  • Average mortgage balance:  $105,557 (up 10% since last year!)
  • Percentage of Canadians with home equity loans:  39%