Most homeowners plan to reduce mortgage debt
Add a Comment 
, canadian homeowners, Canadians March 20th, 2008Using extra cash to pay down principal: Survey
The controversy over subprime lending may be making headlines, but Canadian homeowners remain fundamentally conservative when it comes to their mortgages.
About one-third of respondents in an annual survey released yesterday by Canada Mortgage and Housing Corp. said they had made a lump-sum payment at some point to try and pay their mortgage earlier.
More than half said they were making weekly or biweekly payments to shorten the amortization period. And 18 per cent of first-time buyers said they had made some extra payments in the past year.
“This is a consistent, and maybe comforting theme, that Canadians are fundamentally cautious about debt,” said Pierre Serre, CMHC’s vice-president of insurance products and development.
More than half the respondents also said they would use extra money to pay down the principal on their mortgage whenever possible.
Tags: , canadian homeowners, Canadians
