After numbers were released by CAAMP this week in their Annual State of the Residential Market Report, we’re able to have a pretty good picture of what the mortgage consumer in 2013 looks like. The information tells us quite a bit about the marketplace and who’s looking to buy right now.
- 450,000: The number of households that bought homes over the past year
- 400,000: The number of buyers who took mortgages
- 8.6%: Average annual growth of mortgage credit in Canada over the past decade
- 86%: Percentage of borrowers with less than 20% down who chose a fixed rate
- 3.50%: The average mortgage interest rate for homeowners’ mortgages
- 63%: Percentage of respondents who indicated that they did not regret their mortgage choices
- 68%: Percentage of respondents who were in agreement that mortgages are “good debt”
- 43%: Percentage of current mortgage holders who consulted a mortgage broker about getting a new mortgage
*Stats and information pulled from CAAMP and Canadian Mortgage Trends.
Have questions about this information? Please feel free to contact us!