A BMO report said 43 per cent of Canadians say that a two per cent hike in interest rates would leave their ability to afford their home on unsure footing.
If we look into the recent Statistics Canada report – which is based on 2009 data – then we shall see that about 39% of Canadian, age 18 and over owns a home with a mortgage.
So, the above statement (based on 2009 data) can be re-stated (if my personal understanding is correct) as 17% of Canadians, age 18 and over, say that a two per cent hike in interest rates would leave their ability to afford their home on unsure footing. Please correct this statement if you think that it is wrong.
Now that we know the actual fact, let us dig deeper into the report. The report is interesting, as it has the potential to influence many decision in future.
Finally the report reveals the following;
Currently, BMO offers a new 10-year mortgage at a great introductory rate of 3.99 per cent with a maximum 25-year amortization. It is modeled after the popular 5-year maximum 25-year amortization mortgage at 2.99 per cent.
Today, March 28, marks the last day both limited time rates offers are available to new and existing customers.
Should you say au revoir?