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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