The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently released their fall mortgage consumer survey report titled State of the Residential Mortgage Market in Canada. The report was put together by Will Dunning, the chief economist for CAAMP.
The survey covered many interesting topics such as consumer satisfaction and outlook. Overall, the majority of mortgage consumers are positive despite the current financial uncertainty in Canada. Some of the stimulating results are as follows:
- 35% of Canadian mortgage consumers believe that home prices will drop, and 38% also believe now is a good time to purchase a home.
- More Canadians than ever are going to brokers for their mortgage needs. Forty percent visited a mortgage broker in 2007, which is an increase from 28% in the previous year.
- Although 66% of mortgages have fixed rates, more consumers are choosing variable rates instead (about 40% of total mortgages, versus 21% the year before).
- Fixed rate mortgages remain popular with 18 to 34 year olds, with 73% of that demographic choosing to go with an interest rate that’s a little more stable
- The average mortgage interest rate was 5.41%, 0.15% lower than the average rate the year before.
Overall, the Canadian mortgage industry is experiencing growth and mortgage consumers are more satisfied than ever.
To see the full report released by CAAMP, please visit their website at http://www.caamp.org.
You must be logged in to post a comment.
