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Monday, November 16, 2009

REPORT on CANADA's RESIDENTIAL MORTGAGE MARKET

The Canadian Association of Accredited Mortgage Professionals has just released their annual survey results on how Canadians feel about housing and mortgages.

61% of those surveyed feel that now is a good time to purchase a home compared to 38% at this time last year.

77% are either satisfied or completely satisfied with their current mortgage. This has been due to the decline in rates over the past year.

42% in Ontario, 43 % in Alberta and 47% in BC feel that house prices will rise in the next year.

16 % expressed concern over job loss. Over 80% of this group have more than 20% equity in their home.

2/3 of all mortgages are for 4 or more years, with 56% having a 5 year term.

The average amount of equity in a Canadian home is $142000 while those with no mortgage have $322000 equity in their home.

Canadians take equity out for 2 main reasons - debt consolidation and renovations.

68% have a fixed rate mortgage while 27% have variable and adjustable rate mortgage. Fixed rates are most popular among the ages of 18 and 34 while those in the 55+ are more likely to prefer variable rate mortgages.

To read the full report, CLICK HERE

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