Canadians have, on average, 15 years left on their mortgages, according to a survey released Wednesday by the Bank of Montreal.

"This average mortgage repayment timeline will likely decrease as a result of the new mortgage regulations," Laura Parsons, a mortgage specialist with BMO, said in a release.

New federal mortgage rules take effect Monday and are meant to curb demand and dampen prices.

The changes lower the refinancing limit to 80 per cent of home equity and limit the availability of government insurance to mortgages of a million or less and with amortizations of 25 years or less.

"By our estimate, to neutralize the impact on mortgage payments of the amortization rule change, average home prices would need to fall about three per cent. By helping to cool the market now, the rule changes should increase the odds of a soft —rather than hard — landing," Sal Guatieri, BMO’s senior economist, said.

Other findings from the survey suggest two in five of those sampled prefer to increase their payments over time and one in five opt to make a lump sum payment. The majority of those — 58 per cent – made a lump sum payment of 10 per cent or less.

Twenty-four per cent did not make any additional payments other than their basic mortgage payments.

The Leger Marketing survey sampled 1.000 Canadian homeowners from March 19 -22 and had a margin of error of 3.1 per cent.

Years left on mortgage:
 CanadaBCABMB/SKONQCAtlantic Canada
Five or less19%15%22%24%21%15%17%
Six — 1019%22%13%20%21%17%16%
11 — 1518%18%17%18%17%20%20%
16 — 2020%14%21%16%20%23%17%
21 — 2513%11%12%11%13%14%17%
Over 2512%20%14%12%7%12%13%
(Source: Bank of Montreal)