Sixty-nine per cent of B.C. homeowners believe that ‘mortgage rates will be higher in one year’s time’, and ninety-nine per cent agree that ‘homebuyers need to think ahead and be sure that if rates rise they will still be able to pay their mortgage,’ according to the 17th Annual RBC Homeownership Survey, conducted by Ipsos Reid.

No surprise there!

Banks have an important role in preparing homebuyers with scenarios that show what their payments could be if interest rates rise, and 97 per cent of the March 8, 2010 survey respondents expect to receive this information from their Broker.

Kevin Lutz, regional manager, Mortgage Specialists, RBC Royal Bank said, “Our survey shows that B.C. homeowners recognize how important their mortgage decision is and see it as a shared responsibility with their banks to make informed decisions about what they can afford.”

Lutz added, “It’s important that homeowners - especially first time buyers - get solid advice about what they can afford, not only today, but down the road. That’s why we recommend homebuyers meet with their banker to “stress test” their mortgage for interest rates increases before they buy.”

When according to the survey, sixty-one per cent of mortgage holders across Canada are concerned about interest rate increases in 2010, are the lending institutes failing in their responsibility?

Only fifty-six per cent of mortgage holders in BC reported taking advantage of low interest rates to pay down more principal on mortgage.  Are too many homeowners already maxed-out in Canada?

The late George Carlin once asked, “Why is the man (or woman) who invests all your money called a Broker?“