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More homeowners choose longer mortgages

by Jamie Henry | Canadian Real Estate Wealth | May 14, 2015

The majority of Canadian homeowners would welcome the opportunity to lock in their mortgages for longer, according to a new survey by CIBC.

The poll, conducted for the mortgage lender by Nielsen, found that 47 per cent would opt for a medium term and 27 per cent would seek a longer-term mortgage if they were to acquire, refinance or renew a mortgage today. Just 19 per cent would look for a shorter term home loan.

Interest rates are not going to stay low forever and that is clearly on the mind of homeowners. Barry Gollom, vice president, mortgages and lending at CIBC, said: "With more than one in four Canadians now saying they would choose a longer term of seven or 10 years, we may be seeing the start of a shift to longer terms."

The poll also found that 62 per cent of those with a mortgage believe it will be at least 10 years before they are mortgage-free.