Despite the latest Bank of Canada call, almost half of Canadians surveyed expect higher rates next year, according to a recent CIBC poll.
The poll conducted by Nielsen finds that nearly half of Canadians don't think low rates will last forever and expect mortgage rates to be higher a year from now. The poll also shows that Canadians are increasingly focused on moving to fixed-rate mortgages.
The key highlights of the poll include:
47 per cent of Canadians think mortgage rates will increase in the next 12 months, up from 38 per cent who felt that way last year;
48 per cent would choose a fixed rate mortgage if they had to make that decision today, the fourth year in a row that fixed mortgages have been the choice of Canadians;
31 per cent would choose a variable rate mortgage today; and
19 per cent were undecided as to which type of mortgage they would choose.
