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The Latest Canadian Mortgage Trends

Here’s some interesting mortgage stats from a recent CMHC survey:

  • 50% of Canadians plan to pay down their mortgage if they come into extra money.  Note:  Only 34% do according to Manulife.
  • According to the survey, 30% would rather have more monthly cash flow than pay off their mortgage sooner.
  • 40% of Canadians would rather make higher mortgage payments than put more money down or defer their home purchase.
  • Despite that, 74% believe the advantages to putting more money down outweigh the disadvantages.

The CMHC also finds that mortgage brokers are highly adept at securing mortgages for the self-employed. 20% of mortgage broker business is from self-employed borrowers, double the rate of banks.