The State of Mortgages
The Canadian Association of Accredited Mortgage Professionals report can be downloaded here.
Highlights from the CAAMP report include:
• 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 averages
50%• 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
• 40% of all new mortgages this year were arranged by mortgage brokers
