On November 7th, 2007, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released the results of an online survey of 2,000 Canadians that was conducted at the end of September. The survey information was gathered by Maritz and was analyzed in large part by Will Dunning, the Chief Economist for CAAMP.
The general consensus of those Canadians surveyed is that the majority (81%) is happy with their mortgages, due mostly to good interest rates and the newly available longer amortization periods. In fact, in the past year, 37% of Canadians that have taken out a new mortgage in the past year have chosen to amortize their mortgage over periods of more than 25 years.
Mortgage rates continue to be the driving force when home buyers choose who to finance their home with, however more people are satisfied with the new alternatives they have. Actually, 58% of those surveyed said that the reasons they are happy with their current mortgage are more payment options and mortgage term options. Still, most Canadians choose their mortgage lender based upon the rate that that lender can provide.
The number of Canadians that have consulted a mortgage broker at some point remained at 28%, and 43% of those who have taken mortgages out in the last year have consulted a mortgage broker.
The mortgage industry as a whole is continuing to grow: during the past two years, it has grown an average of 11.4%. The forecast of growth for the next few years is as follows: 11.7% in 2007, 9.3% in 2008 and 8.4% in 2009. This continuation of growth is related to strong housing market activity.
The survey conducted by CAAMP can be viewed in its entirety Mortgage Market Report.