June 1st - 2011

MARKET WATCH: Conventional mortgages still popular

Canadians are surprisingly conservative on the mortgage front despite a decade of low interest rates, according to a survey commissioned by ING DIRECT.

Canadians are surprisingly conservative on the mortgage front despite a decade of low interest rates, according to a survey commissioned by ING DIRECT. The poll found more than a third (36%) of Canadians have conventional mortgages, and three quarters (75%) have mortgages with amortizations of 25 years or less. Ontarians have the highest proportion of conventional mortgages at 41%, followed by Alberta (31%) and Quebec (27%). More than half of Canadians (53%) plan to pay off their mortgage sooner than their amortization period. Almost three quarters of respondents (71%) chose rate as the most important factor in selecting a mortgage provider.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246