Albertans favour fixed rate mortgages 47 per cent think rates will remain the same in next 12 months

CALGARY — Almost half of Albertans would choose a fixed-rate mortgage over a variable rate, according to a new survey released Thursday by CIBC.

The poll, conducted by Harris/Decima, said 47 per cent of people in this province would select a fixed-rate mortgage if they were to acquire, refinance or renew a mortgage today with 26 per cent favouring a variable rate.

Nationally, 45 per cent of Canadians favour a fixed-rate mortgage and 26 per cent would prefer a variable rate.

The poll also revealed that 47 per cent of Albertans believe mortgage rates will be the same 12 months from now while 46 per cent of Canadians felt that way.

“Deciding between a fixed or variable rate mortgage is one of the most important decisions in finding a mortgage that is right for you,” said Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products, CIBC.

“Our poll suggests that some Canadians are growing accustomed to the low rates we are experiencing, however it’s important to take a long-term view when deciding which mortgage is right for you. You need to plan ahead for your next mortgage term and consider the impact to your budget if you renew at higher rates a few years down the road.”

mtoneguzzi@calgaryherald.com

Twitter.com/MTone123