Annual State of the Residential Mortgage Market in Canada Significant Statistics
During 2014, 31% of Canadians obtained their mortgage from a mortgage broker,61% directly from a bank.
For mortgage holders who renewed their mortgage in the last 12 months, 78% saw a reduction in their rate.
Mortgage discounting remains prevalent across Canada, for a 5 year fixed mortgage the average discount was 1.85%.
69% of all outstanding mortgages are fixed rate, 24% variable and 6% combination.
For the past 12 months 76% are fixed rate.
In the past year, 38% of mortgage holders either increased their amount of payment, made a lump sum payment or increased their frequency of payments.
85% of all homeowners in Canada have 25% or more equity in their homes.
Mortgage credit growth will continue to slow, averaging 4.5% by end of 2015. Mortgage credit growth has averaged 8.1% per year during the past decade
70% of homeowners see their home as a place to live, 30% see it as an investment.
11% of all homeowners took out equity from their property last year with an average take out amount of $58,000.
Debt consolidation and renovation are the top two areas where money was used.
The average mortgage interest rate in Canada is 3.24%.