BC Homeowners on Mortgages and Other Financial Goals
Vancouver, BC - A new Ipsos Reid poll, conducted on behalf of Coast Capital Savings Credit Union, shows that BC homeowners generally agree that their mortgage obligations are put before and sometimes at the cost of other long-term financial goals.
One of these long-term financial goals is saving for retirement. Over half (56%) of BC homeowners agree that they are putting away so much money towards their mortgage that they are unable to save as much as they would like for their retirement. This sentiment is echoed louder by first-time homeowners* and families** (agreeing 62% and 70% respectively).
A similar proportion (54%) of BC homeowners also agrees that they are "putting so much money toward [their] mortgage[s] that [they] cannot invest as much as [they] would like". Among first-time homeowners BC, more than two-thirds (68%) agree with this statement. A similar portion of BC homeowners with families (67%) also see this as a challenge.
Close to four-in-ten (39%) BC homeowners agree that their mortgage payments prevent them from saving as much as they would like for the education of their children. Among those BC homeowners with families, two-thirds (66%) of them agree with this statement.
When evaluating all the different features of a mortgage, two features came up on top: 92% of BC homeowners consider the mortgage rate important to them, followed by 82% of BC homeowners consider the mortgage terms (such as fixed vs. variable rate, length of mortgage, payment frequency) important to them. Around two-thirds of BC homeowners also consider accelerated payments and lump sum payments as important mortgage features (66% and 62% respectively).
When asked about their preference of activity over shopping for a mortgage, more than half of BC homeowners prefer to fill out their tax returns (57%), receive a flu shot (56%), and age by a year (54%) than to shop for a mortgage. However, 59% of BC homeowners would rather shop for a mortgage than to go to the dentist.
*First-time homeowner: first-time home buyers who have a mortgage that has not come up for renewal yet
**Family: BC homeowners with household of one or more individuals under the age of 18
These are the findings of an Ipsos Reid poll of 1,012 adult British Columbians who currently own a home, have a mortgage on the home, and are a financial decision maker of the household. This study was conducted online using Ipsos Reid's national online household panel between March 6 and March 16, 2015. These data were statistically weighted to ensure the sample's regional, age and sex composition. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.5 percentage points had all British Columbia homeowners with a mortgage been surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Kyle Braid
Vice President
Ipsos Reid Public Affairs
(778) 373-5130
[email protected]
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.
With offices in 87 countries, Ipsos delivers insightful expertise across five research specializations: brand, advertising and media, customer loyalty, marketing, public affairs research, and survey management.
Ipsos researchers 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 and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,669.5 ($2,218.4 million) in 2014.
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