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ANNUAL STATE OF THE RESIDENTIAL MORTGAGE MARKET IN CANADA

November 2010


Significant Statistics


• 35% of all mortgage holders have either increased their payments or made a lump sum payment on their mortgage in the last 12 months


• Vast majority of Canadians have ability to afford higher mortgage payments. 84% said
they could handle monthly increases of $300 or more in their monthly payments


• 90% of Canadian homeowners have at least 10% equity in their homes, 81% have over 20% equity


• 70% of Canadians are satisfied with their mortgage terms


• Despite low Bank of Canada interest rates reflected in low variable rate mortgages, a majority (66%) of Canadians still have a five year fixed mortgage, 29% have variable mortgages and 4% a combination


• Overall, 22% of mortgages have an amortization of greater than 25 years compared to 18% last year


• Overall home equity is 72%. For homeowners with mortgages, equity level averages 50%


• Mortgage rates continue to drop. Average mortgage rate is 4.22% versus 4.55% last year. For those who took out a mortgage in the last year, the average rate was 3.75%, 72% of those renewing saw a decrease in their mortgage rate


• Overall, mortgage brokers account for 25% of all mortgages, for new mortgages in the past year this number rises to 40%


• As of August 2010, there was over $1 trillion in outstanding residential mortgage credit in Canada


• Mortgage arrears rate remains stable at 0.42%, lower than for most of the 1990s


Source: MyMortgage newsletter
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