CAAMP Fall Mortgage Report: Highlights
Each year the Canadian Association of Accredited Mortgage Professionals (CAAMP) puts out an annual report on the mortgage report, the ‘Annual State of the Residential Mortgage Market in Canada’ report came out earlier this week. While the report is full of valuable information and insights on the mortgage market in Canada, I’ve compiled a list of the highlights:
Mortgage Market
- There are currently 9.62 million homeowners in Canada
- 5.64 million homeowners in Canada have a mortgage
- 49% of the home purchases this year were made by first-time homebuyers
Interest Rates
- 2.89% was the average interest rate for homeowners this year
- 78% of mortgage renewals saw a reduction in interest rates
Equity
- 85% of homeowners have 25% or more equity
- Only 3% of borrowers have less than 10% equity
Rate Types
- 76% of recently purchased homes are with fixed-rate mortgages
- 20% of recently purchased homes are with variable mortgages
Down Payments
- 21% is the average down payment amount for first-time homebuyers
- 40% of first-time homebuyers used personal savings for their down payments
- 27% of first-time homebuyers relied on bank loans for their down payments
- 11% of first-time homebuyers received their down payment money from family members
If you have questions about these findings or the mortgage market in general, please feel free to contact me here or on Twitter. You can view the full report from CAAMP on their website.
