23% of mortgage holders have made a lump-sum pre-payment or accelerated their mortgage payments in the last 12 months.
The first thing we thought of when reading this was that it’s a wonder more people don’t take low-frills mortgages (those with 5-10% annual pre-payment privileges). Most people have the best intentions of making pre-payments, but relatively few actually do. As a result, many needlessly overpay for large pre-payment privileges in the form of higher mortgage rates.
22% of recent and intended home buyers say they got pre-approved in the last year.
This figure seems ultra low. Pre-approvals/Rate Holds are a no-risk option. They protect people against rising rates and, in some cases, establish qualification in advance of a home purchase. Interestingly, there have been other studies showing as many as 91% of first-time home buyers get pre-approved (See: More Buyers Get Pre-Approved).
49% of homeowners made down payments of 20% or more on their most recent home purchase.
This seems about right. Earlier this year, CMHC found that 42% of prospective home buyers planned for at least a 20% down payment. (See: New Facts On Home Buyers)
59% of Canadians claim to pay their credit cards in full each month.