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State of the Canadian Mortgage Market

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State of the Mortgage Market

GoMax Solutions - Content Team
Dec 4, 2012 - 10:12:41 AM

Canadian Association of Accredited Mortgage Professionals released it annual state of the residential mortgage market stats recently.  The news is very positive and shows that Canadians are trying to reduce their mortgage debt and pay their mortgages off sooner and are favoring the more secure fixed rates.

Significant Stats
  • Among all mortgage holders, 65% have fixed rate mortgages, 28% have variable rate mortgages and 7% have
    a combination. For mortgages in 2012, there has been a significant shift to fixed rate mortgages - 79% are
    fixed, 10% are variable and 11% are a combination of both.
  • 68% of mortgages obtained during 2012 have amortization periods of 25 years or less.
  • 32% of mortgage holders are making significant efforts to accelerate repayments, including taking one or more
    of the following actions in the past year:
    o 16% have voluntarily increased their monthly payments.
    o 15% have made a lump sum contribution to their mortgage.
    o 6% have increased their payment frequency.
  • For mortgages that have been repaid since the 1990s, actual repayment periods have generally been only two thirds of the contracted periods.
  • Among borrowers who took out a new mortgage in 2012, a record 47% obtained it from a mortgage broker. 
  • The average mortgage interest rate is 3.55%, which is lower than last year’s average of 3.92%.
  • Among mortgage borrowers who have renewed a mortgage this year, 61% experienced a reduction in their
    interest rate.
  • Of the 9.7 million homeowners in Canada, 5.95 million have mortgages and 3.75 million are mortgage-free.
  • The arrears rate has fallen for 19 consecutive months and is approaching a record low of 0.25%.
  • 87% of Canadian homeowners have 25% or more home equity.

Canadians are listening and acting on the governments concern about increasing mortgage debt.  The mortgage Broker channel is taking a lead in educating consumers and working with them to achieve their financial goals and become mortgage free sooner.  For more information on some of the steps you can take to become mortgage free or to purchase a home check out the mortgage brokers in your area.

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