Every year the Canadian Association of Accredited Mortgage Professionals
conducts a survey to gain insight in Canada’s mortgage and housing market. Here
are a few interesting statistics from this year’s report:
47% of new mortgages in 2012 were originated by a Mortgage Broker
*This is an increase over last year and is largely due to first time buyers. This percentage has been steadily increasing as the previous perception of the role of a Mortgage Broker fades and the value of having a qualified professional work for you becomes evident.
The average interest rate was 3.55% which is lower than last year’s average of 3.92%
*As per this BoC report, borrowers who use Mortgage Brokers save an average of .19% on their interest rate.
The arrears rate has fallen for 19 consecutive months and is approaching a record low of .25%
*Although the record high levels of household debt has been a focus in the media, this shows us that Canadians have remained diligent at paying off their mortgages in a timely manner. This could be largely due to lower interest rates however it shows that Canadians are not getting in “over their heads” as some may have otherwise stated
47% of new mortgages in 2012 were originated by a Mortgage Broker
*This is an increase over last year and is largely due to first time buyers. This percentage has been steadily increasing as the previous perception of the role of a Mortgage Broker fades and the value of having a qualified professional work for you becomes evident.
The average interest rate was 3.55% which is lower than last year’s average of 3.92%
*As per this BoC report, borrowers who use Mortgage Brokers save an average of .19% on their interest rate.
The arrears rate has fallen for 19 consecutive months and is approaching a record low of .25%
*Although the record high levels of household debt has been a focus in the media, this shows us that Canadians have remained diligent at paying off their mortgages in a timely manner. This could be largely due to lower interest rates however it shows that Canadians are not getting in “over their heads” as some may have otherwise stated
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