Report: Canadians Doing Well at Managing Mortgage Debt
A report by the Canadian Association of Accredited Mortgage Professionals (CAAMP) shows Canadian mortgage holders acting responsibly and even paying down their debts faster than required.
The news was released today as part of CAAMP's sixth annual State of the Residential Mortgage Market.
It suggests that despite carrying a total outstanding mortgage credit load of more than one trillion dollars – the most in our history – the vast majority of Canadians surveyed for the report could handle an increase in their monthly mortgage payments.
Highlights of the report include:
One in three mortgage holders have made a lump sum payment or increased the payment amount on their mortgage in the past year
89 percent of home owners have at least 10 percent equity in their homes
80 percent have at least 20 percent equity
66 percent have taken out a fixed rate mortgage
Of the 1.4 million Canadians who renewed their mortgages in the past year, 72 percent were able to negotiate a decreased rate.
It appears from the report that Canada is in little danger of sinking into the debt and foreclosure crisis that has plagued the U.S. housing market.
The report was authored by the Chief Economist of CAAMP and is based on results of a survey conducted by Maritz Research Canada in October 2010. View the news release.
More than 500 CENTUM mortgage professionals can be found by searching the CAAMP online member directory.
Posted by CENTUM Canada
on November 8, 2010