CAAMP Consumer Survey Highlights

CAAMP just released its Fall Consumer Survey. Here are a few highlights from that report. To get your copy of the report visit CAAMP's website at www.caamp.org * The total value of owner-occupied housing in Canada is estimated at $3.017 trillion. Mortgages and lines of credit on these homes total $982 billion, leaving $2.035 trillion in home owners' equity. The equity is equal to 68% of the total value of the housing. * Among those who renewed or refinanced an existing mortgage during the past 12 months, 21% changed lenders and 79% remained with the same lender. The rate of switching has edged upwards - two years ago it was 12%. * Fixed rate mortgages remain most popular (60%). * Among borrowers who renewed, a large majority (78%) saw reductions, a smaller proportion (13%) saw their rates rise, and 9% had no change. * Based on the housing market forecasts, the volume of residential mortgage credit outstanding is forecast to continue expanding. Growth is forecast at about 7.7% during2011 ($80 billion) and 7.3% in 2012 ($81 billion). A preliminary look at 2013 suggests growth of 7.0% ($83 billion). Call or email Sharie Marie Mortgage Team today to discuss how your mortgage.