- 5,250,000 – number of Canadian home owners with mortgages
- 29% of homeowners got a new mortgage in past 12 months
- $136,000 is average homeowner equity
- 22% took equity out of home in past 12 months – average withdrawal $41,000
- 50% of new mortgages in past 12 months have longer that 25 year amortization periods
- 5.41% is the average mortgage rate, at time of report
- 0.40% is the average mortgage rate improvement realized by refinancing in past 12 months, at time of report
- 1.59% is the average discount from bank posted rates, at time of report
- 1.96 is the average number of quotes received when shopping for a mortgage
- 0.28% is the percentage of Canadians in mortgage arrears, for more than 90 days
Choice of mortgage terms selected:
- 1-3 years – 29% of borrowers
- 3-5 years – 61% of borrowers
- > 5 years – 10% of borrowers
40% of mortgages in past 12 months have been variable rate, compared to 21% for the year previous.
Lender Originations (Where people are going for mortgages):
- Major Banks – 47%
- Mortgage Brokers – 35%
- Credit Unions – 11%
- Other – 6%
Source: the Canadian Association of Accredited Mortgage Professionals (CAAMP) Fall 2008 Report. CAAMP is located at www.caamp.org
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