Nearly 90 per cent of recent home purchasers across the country believe homeownership is a good long-term investment and almost 70 per cent think now is a good time to purchase a home in their community, according to Canada Mortgage and Housing Corp.'s (CMHC) 2009 mortgage consumer survey results.
The results also indicate recent purchasers are knowledgeable about the mortgage process. For example, 86 per cent are of the view that the level of total housing and other monthly payments should generally not exceed 40 per cent of gross household income, which is in line with generally accepted mortgage lending practices.
"Given the current economy, this study indicates that Canadians continue to be optimistic about homeownership and are astute mortgage consumers," said François Blouin, director, insurance products and strategic direction, CMHC.
According to the survey, 75 per cent of purchasers have a goal to be mortgage-free sooner than their original amortization.
The survey results indicate "Canadians feel positive about Canada's housing market," said Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corp.
The survey also indicates that 77 per cent of recent mortgage purchasers expressed satisfaction with the service received from their lender or broker.
SOURCE: THE TORONTO STAR