With one week to go before the Federal Government's new mortgage rules take effect, a survey released today by BMO Bank of Montreal revealed that Canadians have an average of 15 years left on their mortgages.
Laura Parsons, Mortgage Expert, BMO Bank of Montreal, said the numbers are encouraging.
"These results suggest homeowners have made responsible choices and are in a good position to be debt-free in a reasonable amount of time," noted Ms. Parsons. "Furthermore, this average mortgage repayment timeline will likely decrease as a result of the new mortgage regulations, as many buyers after July 9 will be required to have 25-year amortizations."
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