Consistent interest rate hikes have many Canadians regretting their current mortgage situation.
The Real Estate and Mortgage Institute of Canada has surveyed 1000 people online.
It found about 34% of Canadians regret their current mortgages and roughly 12% regret being locked into a poor rate.
Over half of Canadians surveyed admit that they don’t even know their exact monthly mortgage payments ‘without looking them up.’
President and CEO of REMIC, Joe White, says the survey shows homebuyers need to educate themselves more on the basics of taking on a mortgage and its lasting financial impact.
