Mortgage Broker or Not??
The following statistics are courtesy of CAAMP, and issued April 2009 in their report entitled "The Canadian Residential Mortgage Market During Challenging Times":
- First-time mortgages are most likely to be sourced through a mortgage broker (48%) (compared to Banks at 44%).
- The mortgage broker industry represented 46% of all new mortgages written in Canada last year (compared to 43% through Banks).
- The average mortgage holder has $145,000 in equity in their home.
- Last year, about 15% of mortgages involved an equity take-out (average amount of $42,500).
- Mortgage Brokers are most frequently used in Alberta (36% of mortgage activity), British Columbia (35%), Ontario (32%), and Manitoba (31%).
