More Canadians are looking to enter the housing market ahead of higher interest rates and home prices that are expected to arrive later this year, two surveys showed Wednesday.

More than two-thirds of Canadians expect mortgage rates to rise over the next year, with about the same number of mortgage holders concerned about higher rates, a Royal Bank of Canada annual homeownership survey showed.

But the survey, conducted by Ipsos Reid, also showed three-quarters of homeowners believe preparation is key to handling upcoming changes such as higher mortgage rates.

The survey showed six in 10 mortgage holders say they have taken advantage of current low rates to pay off more principal.

It also revealed that 18 per cent of homeowners say they have made a lump sum payment on their mortgage and 16 per cent have doubled up payments to reduce the principal.

Like most economists' expectations, Scotiabank said the housing market in the spring should see a flurry of activity, particularly ahead of new sales tax regimes in Ontario and British Columbia and tighter qualifying criteria for insured mortgages.

The market is expected to cool in the second half of the year, coinciding with forecasts that the Bank of Canada will then start raising interest rates.