The CAAMP (Canadian Association of Accredited Mortgage Professionals) recently released their Spring report on the residential mortgage market in Canada. Instead of getting you to read that, we decided to pull the highlights for you (with our comments):
• Mortgages in Canada are being paid back in only two-thirds of the contracted period. Canadians are finally getting their debts paid down in great time!
• 8% of homeowners took out equity on their home last year, with the primary purpose for home renovations or repairs. This goes along with the recent trend we’ve been hearing about that nearly half of Albertans are planning home renovations.
• The average mortgage rate is 3.5%. This is incredibly low! Not to mention, affordability in Calgary is the best in the country. It’s a fantastic time to get into homeownership.
Do you have questions about the results of this report, or the housing market in general? Feel free to contact us anytime, or you can always tweet us at: @Len_T_Wong.
