CAAMP is the national organization representing Canada's mortgage industry, has released its annual State of the mortgage market in Canada and the results are mostly positive.
Here are the main points of the report;
• The vast majority of Canadians with a mortgage are able to afford at least $ 300
increase in their monthly mortgage payments.
• One in three mortgage holders (35%) or increased their payments or
made a payment of a lump sum on their mortgages in the past year.
• 89 per cent of Canadian homeowners have at least 10 percent equity in their homes
more than 80 per cent and 20 per cent of the shares.
• Home equity is at 72 per cent of the total cost in Canada;
homeowners who have mortgages, equity capital amounts to an average of 50 percent.
• Since August 2010 $ 1 trillion in outstanding 01 residential mortgage loan
Canada, an increase of 7.6 per cent last year.
• 18% mortgage owners took out equity from their homes or increased the amount of the mortgage principal during the past 12 months, the average amount of equity and take-out valued at $ 46 000.
• Mortgage arrears rate remained stable at 0.42% lower than for most of the 1990s.
CAAMP's press release notes that:
Homeownership is a good long-term investment
Most Canadians agree that buying a home is a good long-term investment and focus on their mortgages in support of this investment.
Many owners of mortgages made voluntary additional payments: 16 per cent increase monthly payments last year, 12% had a lump, and 7% have done so.
"Canadians are smart and responsible with their mortgage," said Jim Murphy, AMP,
President and CEO of CAAMP. "They build equity in their homes and making informed
long-term mortgage survey results talking about the strength of our mortgage market, especially when compared to the United States. "
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