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CAAMP Spring 2009 Mortgage Survey

CAAMP CAAMP recently released its annual spring survey of the mortgage market.  The report is always chock full of notable mortgage stats.  Below are some of the highlights…

Mortgage Originations

  • 46%:  The percentage of borrowers securing new mortgages who used a broker (43% used a major bank.)
  • 61%:  The ratio of mortgagors who renewed their existing mortgage at a major bank (It’s too easy to sign a renewal letter. Don’t be tempted!)

Housing & Mortgage Market

  • $138,000:  The average Canadian mortgage
  • 55%:  The percentage of Canadians who think it’s a good time to buy a home right now
  • 5%:  The approximate number of Canadians who actually expect to buy a home soon
  • 9.1 million:  The number of homes that are owned in Canada
  • 5.35 million:  The number of homeowners with mortgages (i.e., 5.35 million people on title to a home who have a mortgage in their household)
  • $739 billion:  The total of all outstanding mortgages on these homes
  • $150 billion:  The estimated volume of new mortgage approvals in 2009 (including new mortgages, transfers of existing mortgages between lenders, and refinances)


Home Equity

  • 2%:  The percentage of Canadians with negative home equity according to CAAMP (Admittedly smaller than we expected.)
  • 72.3%:  The average home equity in Canada (67% greater than in the U.S.)
  • 48.7%:  The average loan-to-value in Canada
  • 15%:  The percentage of Canadians cashing out equity in their homes over the past 12 months (57% of these people used part or all of the funds for debt repayment/consolidation; 45% used part or all for renovations or home repair)

Mortgage Characteristics

  • 36%:  The percentage of borrowers who opted for variable-rate mortgages in the last 12 months (With rates near a bottom, the trend towards variables may reverse–if it hasn’t already.)
  • 68%:  The percentage of Canadians with fixed-rate mortgages
  • 1.68%:  The average discount borrowers received off of posted 5-year fixed rates (This seems to reflect a time when spreads were wider. With posted rates at 5.25%, there is no way the average Canadian is getting 3.57% on a 5-year fixed today.)
  • 4.83%:  The average Canadian’s mortgage interest rate (down from 5.41% in CAAMP’s fall 2008 survey)


  • 17%:  The proportion of current mortgages with an amortization over 25 years
  • 46%:  The percentage of mortgages initiated in the last two years with an amortization over 25 years

Market Health

  • 18%:  The number of households with family members who lost a job in the last six months
  • 3%:  The percentage of mortgagors indicating they could not afford a $50 increase in their payments
  • 0.36%:  The ratio of mortgages in arrears for over 90 days (still steady and modest)


CAAMP President, Jim Murphy, believes Canadians have what it takes to withstand economic challenges:  “With only a very small number at risk of not being able to pay or refinance their mortgages, our overall market is very strong.”


About This Survey

According to CAAMP, data used in this report was obtained from various sources, including an online survey of 2,000 Canadians. One-half of the sample (1,000 Canadians) were home owners with mortgages and the remainder were renters, home owners without mortgages, or others who live with their families and are not responsible for mortgage payments or rents. The survey was conducted by Maritz (a national public opinion and market research firm) for CAAMP, during March 2009.


Established in 1994, the Canadian Association of Accredited Mortgage Professionals (CAAMP) is Canada’s national mortgage industry association. CAAMP has over 12,000 members, consisting of mortgage lenders, brokers, insurers and other industry participants.