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 pop