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.
Press ESC to close
Get The Latest News
Join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.