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