Homeowners are paying down mortgages faster

A new report from CIBC World Markets suggests that Canada’s homeowners are paying down their mortgages faster than thought.

With low interest rates an estimated 30 to 40 per cent of those with home loans are accelerating their payments.

CIBC’s chief economist Benjamin Tal says that with a large number of households carrying smaller debt than official figures show, their exposure to interest rate rises is lessened meaning the housing market will be more resilient to increases.