CAAMP has released the annual state of the Residential Mortgage Market.
Here are some interesting stats from the Canadian Association of Accredited Mortgage Professionals.
- During 2014, 31% of Canadians obtained their mortgage from a mortgage broker, 61% directly from a bank.
- For mortgage holders who renewed their mortgage in the last 12 months, 78% saw a reduction in their rate.
- Mortgage discounting remains prevalent across Canada, for a 5-year fixed mortgage the average discount was 1.85%.
- 69% of all outstanding mortgages are fixed rate, 24% variable and 6% combination. For the past 12 months 76% are fixed rate.
- In the past year, 38% of mortgage holders either increased their amount of payment, made a lump sum payment or increased their frequency of payments.
- 85% of all homeowners in Canada have 25% or more equity in their homes.
- Mortgage credit growth will continue to slow, averaging 4.5% by end of 2015. Mortgage credit growth has averaged 8.1% per year during the past decade.
- 70% of homeowners see their home as a place to live, 30% see it as an investment.
- 11% of all homeowners took out equity from their property last year with an average take-out amount of $58,000. Debt consolidation and renovation are the top two areas where money was used.
- The average mortgage interest rate in Canada is 3.24%.
- Among homeowners who purchased during 2014, the average mortgage interest rate is 2.89
Reposted from Canadian Association of Accredited Mortgage Professionals