As Household Budgets Tighten, British Columbians Look to New Mortgage Options

Thursday, May 07, 2009

Vancouver, BC - A new Ipsos Reid poll conduced on behalf of Prospera Credit Union reveals that three-quarters (75%) of British Columbians agree they are paying closer attention to a household budget than ever before. Agreement is highest among residents with children at home (84% agree).

Reflecting these tight economic times, a slight majority (53%) of British Columbians (who have a mortgage or are in the market for a mortgage) say they are either “very interested” (18%) or “somewhat interested” (35%) in a mortgage product that offers a lower interest rate in return for giving up some flexibility in their ability to make additional (i.e. lump sum or increased) payments. Interest in this type of mortgage product is especially high among younger British Columbians (60% among those 18 to 44 years vs. 46% among those 45+ years).

The survey also reveals that only four-in-ten (41%) adult British Columbians are aware that mortgage holders pay a higher interest rate for the ability to make lump sum payments against their mortgage. Awareness is especially low among younger British Columbians (36% among those 18 to 44 years vs. 46% among those 45+ years).

These are the findings of an Ipsos Reid poll conducted on behalf of Prospera Credit Union from April 21 to 24, 2009. This online survey of 603 adult British Columbians was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The results of this poll are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual BC population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. Statistical margins of error are not applicable to online polls, however, an unweighted probability sample of this size, with a 100% response rate, would have an estimated margin of error of +/- 4.0 percentage points, 19 times out of 20, had the entire adult BC population been polled.

For more information on this news release, please contact:
Kyle Braid
Vice President
Ipsos Reid Public Affairs
(778) 373-5130
kyle.braid@ipsos.com

About Ipsos Reid

Ipsos Reid is Canada’s market intelligence leader, the country’s leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid’s marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, health and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, visit www.ipsos.ca.

About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999.

In 2008, Ipsos generated global revenues of €979.3 million ($1.34 billion U.S.).

Visit www.ipsos.com to learn more about Ipsos offerings and capabilities.

Ipsos, listed on the Eurolist of Euronext – Comp B, is part of SBF 120 and the Mid-100 Index, adheres to the Next Prime segment and is eligible to the Deferred Settlement System. Isin FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP


As Household Budgets Tighten, British Columbians Look to New Mortgage Options

Contact

KyleBraid Kyle Braid
Vice President / Vice-président
Ipsos Public Affairs
Work+1.778.373.5130