A majority of Canadians expect to see higher mortgage rates over the next year, according to RBC’s annual homeownership survey.

The bank says 64 per cent of Canadians expect high rates, with about the same number of mortgage holders concerned about higher rates.

Three-quarters, or 73 per cent of homeowners, feel strongly that homebuyers need to think ahead to ensure they will still be able to make their mortgage payment if rates rise.

The bank says six in 10 mortgage holders say they have taken advantage of current low interest rates to pay more principal.

While 84 per cent of mortgage holders believe they are doing an excellent or good job of paying down their mortgage, 49 per cent say their mortgage is larger than they thought it would be at this stage in their life.