Debts / Market Updates / Mortgage Renewal / Rates & Terms / Refinance / Rental Properties / Variable Interest Rates

How Do You Compare?

How Do You Compare?

Here is some interesting survey information* about our current mortgage market in Canada, how do you compare to your country counterparts?

Mortgage Types & Amortization Periods

Mortgage Types for Recent Purchasers:
66% chose Fixed Rate Mortgages
28% chose Variable Rate Mortgages
6% chose Combination Mortgages or other Niche Products

Amortization Periods for Recent Purchasers:
60% chose amortization periods of 25 years or shorter
40% chose extended amortizations over 25 years

How Borrowers Obtained Their Mortgages:
50% through a Canadian Bank
31% through a Mortgage Broker
19% through Other Categories

Interest Rates

3.48% the average mortgage interest rate for homes purchased during 2011 and 2012 to date

14% of borrowers in the past 12 months converted their variable rate mortgage to a fixed rate mortgage

74% of homeowners who renewed their mortgage in the past 12 months are paying lower rates than before

Home Equity

49% average home equity amount among homeowners with mortgages without home equity lines of credit

41% for owners with both mortgages and a home equity line of credit

18% of mortgage borrowers took equity out of their home in the past year

$43,500 average amount of equity taken out

83% of Canadians have at least 25% equity in their home

9% of homeowners have less than 10% home equity available

Less than 1% of homeowners have negative home equity

Mortgage Amount

$224,000 average mortgage amount during 2011

Mortgage Payments & Pre- Payment Privileges

23% of mortgage holders have increased their monthly payments in the past year

19% have made a lump sum contribution in the past year

6% of mortgage borrowers missed one or more payments

I hope you enjoyed comparing yourself to the rest of our Canadian homeowners and as usual, if you have any questions please do not hesitate to contact The MortgageGirls!

* Statistics obtained from CAAMP Confidence in the Canadian Mortgage Market- May 2012. Full Report at www.caamp.org

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