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Housing Trends in Canada

canadian-housing-trends CMHC’s new 2007 Canadian Housing Advisor is chock full of informative nuggets.  Among them…

  • 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.