ANNUAL STATE OF THE RESIDENTIAL MORTGAGE MARKET IN CANADA NOVEMBER 2010 CAAMP/ACCHA

Significant Statistics

•  35% of all mortgage holders have either increased their payments or made a lump sum payment on their mortgage in the last 12 months
•  Vast majority of Canadians have ability to afford higher mortgage payments. 84% said they could handle monthly increases of $300 or more in their monthly payments
• 90% of Canadian homeowners have at least 10% equity in their homes, 81% have over 20% equity
• 70% of Canadians are satisfied with their mortgage terms despite low Bank of Canada interest rates reflected in low variable rate mortgages, a
• majority (66%) of Canadians still have a five year fixed mortgage, 29% have variable mortgages and 4% a combination
•  Overall, 22% of mortgages have an amortization of greater than 25 years compared to 18% last year
•  Overall home equity is 72%. For homeowners with mortgages, equity level averages50%
•  Mortgage rates continue to drop. Average mortgage rate is 4.22% versus 4.55% last year. For those who took out a mortgage in the last year, the average rate was 3.75%,
• 72% of those renewing saw a decrease in their mortgage rate
• Overall, mortgage brokers account for 25% of all mortgages, for new mortgages in the past year this number rises to 40%
•  As of August 2010, there was over $1 trillion in outstanding residential mortgage credit in Canada
•  Mortgage arrears rate remains stable at 0.42%, lower than for most of the 1990s 

Open the link for the November 8, 2010 news release by Canadian Association of Accredited Mortgage Professionals