Will The Pandemic Influence The Type Of Mortgage You Choose?

October 30, 2020

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SURVEY SAYS!

A recent BMO housing survey shows a majority (57%) of home buyers are opting for a fixed rate mortgage and of those on the fence about the type of mortgage, over 30 per cent indicate that COVID has made them more likely to gravitate towards a fixed rate mortgage.

In contrast, only eight per cent are more likely to go with a variable rate mortgage as a result of the pandemic.

For first-time buyers looking at variable rate mortgages, many (55 per cent) are looking long-term and believe that they will end up paying less over the term of the mortgage.

Regionally, buyers in Atlantic Canada, Alberta, and Ontario are the most likely to share this sentiment (67, 63, and 60 per cent, respectively).

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