Robert McLister·Mortgage Industry Reports·November 13, 2007CAAMP 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. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.