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.
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Last modified: April 25, 2014
