annual state of the residential mortgage market in canada caamp november 2013
TRANSCRIPT
Annual State of the Residential Mortgage Market in Canada | CAAMP November 2013
Significant Statistics
RESIDENTIAL MORTGAGES IN CANADA
➔ For homes purchased in 2013, 82% had fixed rate mortgages, overall, 66% of homeowners have fixed rate mortgages.
➔ 26% have variable rate mortgages and 8% have combination mortgages.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ For homes purchased in 2013, 84% of Canadians have amortizations of 25 years or less.
➔ Overall 81% of Canadians have amortizations of 25 years or less.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ 40% of all new mortgages in 2013 were obtained through a mortgage broker, while 42% were obtained from a bank.
➔ Overall mortgage broker share has increased from 25% to 28% since 2012.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
For mortgages that have been paid off in the last 20 years, repayment periods have been 30% shorter than the original contracted period.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ During 2013, the average discount on a five-year fixed rate mortgage was 2.13 points.
➔ The average mortgage is 3.06%, compared to the average posted rate of 5.21%.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ For borrowers renewing their mortgage in the next 6 months, 96% will see a lower rate.
➔ For borrowers who renewed their mortgage in 2013, 64% saw a lower rate.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ On average, home equity in Canada is 66% of the value of a home, compared to less than 50% in the US.
➔ 83% of Canadian homeowners have at least 25% equity in their home.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
➔ Mortgage credit has slowed from an average of 8.6% in the last decade to 4.5% for 2013.
➔ It is projected to be even lower at 3.25% in 2014.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
57% of the homes purchased in Canada in 2013 were by first time home buyers.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
During 2013, 38% of borrowers took steps to accelerate their repayment period, including increasing their payment amount, making a lump sum payment or increasing their payment frequency.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
RESIDENTIAL MORTGAGES IN CANADA
Overall, 80% of those surveyed say mortgage credit is good debt, 84% say that real estate is a good investment and 80% expressed positive feelings of confidence and security toward their mortgages and home ownership in general.
To see what we have to say about the report: www.firstfoundation.ca
To download the original report: www.caamp.org
Annual State of the Residential Mortgage Market in Canada | CAAMP November 2013
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Annual State of the Residential Mortgage Market in Canada | CAAMP November 2013
Download the Entire Report by Will Dunningwww.caamp.org
