The Canadian Association of Mortgage Professionals, aka CAAMP, released their report last week.
Here's a summary on the choices and preferences of Canadian mortgage consumers, which demonstrates property-owning Canucks are a prudent bunch!
• 83% of home owners in Canada have at least 25% equity in their home.
• Overall, 69% of mortgage holders have fixed rate mortgages.
• 18% of mortgage holders,or about 1.1 million,voluntarily increased their mortgage payments,while a further 16%,or about 975,000 Canadians, made a lump sum payment during the last year
• For those taken out in the last 12 months, the figure rises to 85%.
• The average mortgage rate is 3.52%.
• For those renewed in the past 12 months the average rate is 3.15%.
• For the past 12 months the actual average rate for a 5-year fixed-rate mortgage has been 2.20% below the posted rate.
• 60% of Canadians have two or more credit cards including 30%, who have three or more credit cards. The Average Outstanding Balance is $3,500.
• 8% of home owners took out equity on their home last year. The average equity takeout was $48,000, with the primary purpose being for renovations/home repairs.
Thanks to Toronto's John Filice of Invis Inc. for this information!
John Filice, AMP