Canadians are Smart and Responsible!
In the December issue of REM
, Canadians are given a pat on the back when it comes to their mortgage management! Canadians have, on average, 50% equity in their homes, according to the sixth annual State of the Residential Mortgage Market
report. 84% of us with mortgages are able to afford a $300 or more increase in our monthly mortgage payments, showing that we need not fear interest rate increases, should they happen!
18% of homeowners did an equity takeout last year, with debt consolidation being the most common reason at 45% of the homeowners. Renovations ran a close second at 43%. Check out the article and the full report at the links above and if you'd like to take advantage of the equity in your home, for whatever reason, get in touch with me and I'd love to help!
Posted by Lisa Collett
on December 8, 2010