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November 2011…State of the Mortgage Market and Consumer Survey - CAAMP Statistics

The Canadian Association of Accredited Mortgage Professionals recently published their Fall State of the Mortgage Market & Consumer Survey.  Below is a brief overview of this survey.

About one-third (32%) of homeowners with mortgages had some mortgage activity in 2011, with 23% renewing or refinancing their mortgage. Mortgage brokers represented 32% of new mortgage origination and 19% of renewals or refinances in last 12 months.

  • Fixed rate mortgages remain most popular (at 60%), while 31% have variable rate mortgages
  • 78% of borrowers who renewed their mortgage in the last 12 months saw a reduction in their rate
  • Among those who renewed or refinanced their mortgages in the last year, 21% changed lenders
  • Average amount of an Equity Take Out was $49,000;
    1. 62% indicated that the money would be used for debt consolidation or repayment
    2. 40% gave renovation or home repair as the purpose
    3. 22% mentioned making purchases or education as the purpose
    4. 8% mentioned investments and 6% mentioned other
  • Levels of equity takeout have dropped in 2011 - only 10% of mortgage holders took out equity in the last year, a 40% drop from 2010
  • 22% of mortgages in Canada have amortization periods of more than 25 years, but this number increases to 38% among borrowers who took out a new mortgage on a newly purchased home in 2011
  • The average rate discount is 1.46% on a five year posted fixed rate
  • 71% of borrowers have a high degree of satisfaction with their current mortgage terms
  • More than a quarter (27%) of borrowers used a mortgage broker
  • Variable rate mortgages are increasing in popularity, with 31% overall; and for those who took out a mortgage in the last 12 months, this rises to 37%
  • The average mortgage growth is expected to be 7.3% in 2012
  • A vast majority of Canadians have the ability to afford higher mortgage payments: 84% of borrowers can handle an increase of $200 or more per month
  • Of the overall housing market, Canadian homeowners have about $2.035 trillion in equity, equivalent to about 68% of the total housing value
  • 78% of borrowers who have a mortgage or line of credit on their home have at least 25% equity in their home
  • 94% of borrowers have at least 10% equity in their home

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