• 10% or less (62% of respondents)
• 11-20% (26% of respondents)
• More than 20% (12% of respondents)

• 53% say “up to three years”
• 25% say between four and six years
• 16% say seven years or more
• 6% say they’ll never save enough to buy a home

Prospective first-time buyer term choices:

• 39% prefer a term over five years
  (versus 22% of all prospective buyers)
• 38% prefer a 5-year term
• 23% want a term less than five years.

Of Canadians in general:

• 14% of homeowners said they should have made a bigger down payment.
• 29% of prospective borrowers (42% of first-time buyers) are considering a hybrid mortgage (e.g. part-fixed and part variable). But far fewer (just 7% according to CAAMP) actually choose hybrid mortgages.
• Just 5% of homeowners admit to choosing the wrong type of mortgage. (From our experience, far more complain about their financing than 5%. Many don't realize they've taken an inferior mortgage until they learn of their lender's policy on penalties, porting, blending a rate, converting a rate and so forth. Those lessons typically come after closing, when it's too late.)

Survey details:  These findings come from an RBC/Ipsos Reid poll conducted between January 31st and February 8th, 2013 on behalf of RBC. The sample was 3,005 Canadian adults from Ipsos' Canadian online panel. * This is the maximum default insurance premium for fully qualifying borrowers (i.e., those who can prove their income). Rob McLister, CMT