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