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Interesting Stats from the 2012 Mortgage Market

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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      

To view the Press Release - click here
To view the Significant Statistics - click here
To download the Survey Report - click here

www.christinebuemann.com     

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