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CAAMP Mortgage Statistics

Mortgage-Statistics 81% of Canadians are happy with their mortgage says the Canadian Association of Accredited Mortgage Professionals (CAAMP).

CAAMP's findings are based on their annual mortgage survey.  Here's more of what they found:

  • 43% of Canadians consulted a mortgage broker when arranging a new mortgage.  Overall, 28% of homeowners with mortgages used brokers.
  • The average broker discount from bank posted rates was 1.31%.
  • Low rates are typically the most important element of satisfaction, but 58% of Canadians cited improved payment options and more flexible mortgage terms as additional key factors.
  • Only 13% of those who renewed or refinanced changed lenders.  This implies that many homeowners are paying more interest than necessary by not shopping around.
  • 37% of mortgage takers in the last year chose long-term amortizations (30, 35, or 40-years).
  • 3/4's of Canadians know about America's subprime crisis but only 9% are "highly concerned" about it.
  • 4.8 million Canadian home owners have mortgages.  Canada has 8.8 million owner-occupied homes.
  • 72% of mortgage takers chose fixed rates.
  • Mortgage credit is accelerating.  It grew 6.9% a year for the past 15 years, but 11.4% over the past two years.
  • Ontario accounts for 41.6% of Canada's mortgage market.
  • In the last 12 months, 17% of mortgage holders took out home equity loans or increased their mortgage.  The average equity loan was $35,400.
  • Canadian mortgage arrears were 0.50% in the 1990s and just 0.25% in the past two years.

Source:  CAAMP's Annual State of the Residential Mortgage Market in Canada report.