The Canadian Association of Accredited Mortgage Professionals has released the results from a survey showing that Canadians are making good, responsible financial decisions when it comes to their mortgage borrowing.
This Financial Post article goes into some more detail, and basically backs up the findings we’ve had too.
I did a quick report on our system and over the past three years the average loan-to-value ratio (LTV) for our clients was about 65.5%. Not bad – especially considering how many mortgages for first-time buyers we do. Those usually involve lower down-payments and higher LTVs.
Keep it up Canada! Let’s not let ourselves get into any trouble. Good old fashioned financial responsibility goes a long way.