Back to Blog

Annual State of the mortgage marketplace 2014

General Darick Battaglia 18 Nov

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%.