Canadian Association of Accredited Mortgage Professionals (CAAMP) releases annual Fall report on consumer perceptions and choices.
3 Important Highlights-Release November 18, 2008
1. "Residential mortgage consumers remain remarkably positive as they weather the financial storm," according to a report released by CAAMP.
2. "Attitudes towards local conditions have shifted only slightly with 38 per cent of Canadians believing now is a good time to purchase and 32 per cent believing" it's not.
3. "Mortgage arrears remain low and steady at .28% and an overwhelming 84% of home owners are satisfied with their mortgages.
"The information was gathered by Maritz (Research) from an online survey of over 2,000 Canadians in mid-October and analyzed in conjunction with CAAMP Chief Economist Will Dunning.
"Canada is a financially conservative country where consumers are able to meet the terms of their mortgages and buying decisions are based on affordability," said Dunning. "This contributes to a solid real estate market that will not experience the same drop off we see south of the border."
"The Canadian system is supported by low and steady interest rates, better (mortgage) underwriting processes, different products and normal re-sale activity levels."
Additional Findings in the Report
--Housing equity positions are strong in Canada with a growing trend of re-financing mortgages.
--About 1in 5 borrowers increased their mortgages by a 20% average compared to last year for debt consolidation and repayment, plus home repair and renovation.
--1/2 of new home buyers last year took amortizations beyond 25 years, accounting for 16% of all mortgages.