86% of Canadian population growth from 2001 to 2006 occurred in metropolitan areas.
Canada had roughly $694 billion in mortgages in 2006, up 10.7% from 2005. Rising home prices contributed to the pop.
The average mortgage amount approved rose 7.3% in 2006.
The spread between 5-year fixed and variable mortgages declined from 1.59% to 0.96%. As a result, people chose a variable mortgage far less in 2006 (only 22% chose variable versus 36% in 2005).
In 2006, only 1 in 400 were over 3 months in arrears on their mortgage. That’s the lowest rate since 1990.
1/2 of those who renewed a mortgage in 2006 accepted their lender’s initial offer without negotiating.
Here’s one that was especially interesting. 30% of those surveyed felt that getting a mortgage was a “source of stress.” If this sounds like you, try a professional mortgage planner for your next mortgage. It’s typically free, all the legwork and paperwork is done for you and, best of all, you have a professional advocate to do your negotiating.
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