BoC drove Canadians to lock in mortgages in 2012

I had to laugh when I read an article titled BoC’s interest rate warnings drove homeowners to lock in mortgages: Carney. Thanks for the lip service Mr. Carney! “Mr. Carney said there is already evidence that Canadian consumers, who have one of the highest debt-to-income ratios in the world, are taking warnings of looming rate hikes seriously. As evidence, he pointed to the mortgage market, in which he says the share of fixed-rate mortgages in Canada has almost doubled to 90% this year, while variable-rate mortgages have seen a corresponding decline. Consumers tend to hover toward variable-rate mortgages when they expect interest rates to be…