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Blog by Linda M Linfoot

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The Mortgage Movement

The Mortgage Movement

PhotoEach year, the Canadian Association of Accredited Mortgage Professionals contracts a market research company to verify the latest trends in the Canadian mortgage market.

The latest report finds that Canadians remain highly satisfied with the terms of their mortgages. Fixed-rate mortgages are the most popular type, with 60 percent of homeowners secured in that option, while 31 percent are committed to variable or adjustable rate mortgages. Due to the belief that mortgage rates will remain low for the time being, a slightly higher number – 37 percent – of mortgagors committing to new or renewed mortgages over the past year, chose a variable or adjustable rate mortgage.

As far as the average amortization period is concerned, 22 percent of mortgages in Canada have amortization periods of longer than 25 years. The share is higher among homeowners who financed a newly purchased home in 2011, with 38 percent of mortgages having a 25-year plus amortization.

Where are Canadians going to get their financing? 52 percent of borrowers who took out a new mortgage in the past year trusted a bank to arrange their mortgage loan, 32 percent borrowed through a mortgage representative, while 16 percent went to other sources.

Canadians are also borrowing from themselves – in the form of equity take-out. In fact, the survey shows that a full ten percent of Canadians took equity out of their home in the past year.

Wondering which loan option is right for your needs? Simply call to schedule a no-obligation information session today. Together, we'll figure out the best mortgage solution for you!