REM Online

Homeowners are “happy with the decision to buy their home,” feel confident they can weather a downturn in the housing market and they consider mortgage debt to be “good debt.” Their attitudes are the same whether they live in Toronto, Calgary or Vancouver where prices continue to rise, or in areas where home prices are stabilizing, says a new consumer survey report by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

“From the consumer perspective we have a picture of a very confident, healthy mortgage market,” says Jim Murphy, president and CEO of CAAMP. “Key to the current stability in the mortgage market is the fact that Canadians continue to pay down their mortgage debt faster than they are required and they continue to take out five-year, fixed-rate mortgages. Canadians who renew their mortgages are seeing their interest costs reduced, which is boosting their personal financial circumstances and this will continue to be a positive force during the coming year.”

The survey says:

* 55% of homes purchased in 2013 were bought by first-time buyers.

* Most Canadians say they have no regrets taking on the size of mortgage they did and that real estate is a good long-term investment.

* 66% agree in some degree that mortgages are a form of “good debt”.

* House prices in Toronto, Calgary and Vancouver have increased by a year-over-year rate of 8.2%, compared to just 2.9% in the rest of Canada.

* More than 80% of homeowners in Canada have 25% or more equity in their homes.

* The average mortgage interest rate is 3.24%, a drop from the average of 3.5% found in the fall 2013 survey.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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