State of the Residential Mortgage Market
Earlier this week, CAAMP (Canadian Association of Accredited Mortgage Professionals) released thier annual State of the Residential Mortgage Market report. The report contains valuable information that paints a picture about the residential real estate market, and mortgage market in our country. Below are some of the highlights from this report.
- 82% of new mortgage holders had fixed rates
- 2% of new mortgage holders put less than 20% for a down payment
- 40% of new mortgages this year came through a mortage broker
- 57% of new mortgage holders are first-time buyers this year
- 70% of mortage holders also have 25% (or higher) equity
- 68% of mortgage holders feel their mortgage is “good debt”
Now let’s look at some of the highlights from the report that illustrate the real estate market for this year (so far):
- There are 9.52 million homeowners in Canada
- 4.28 million Canadians are renting
- 5.58 million Canadians have mortgages
- 3.94 million Canadians are mortgage-free
More more information on the report findings, visit the CAAMP website. For questions about the mortgage market and real estate conditions, feel free to contact me anytime.
