Recently, the Canadian Association of Accredited Mortgage Professionals ( CAAMP) released its spring consumer report, Confidence in the Canadian Mortgage Market.
The report, compiled by Will Dunning, CAAMP’s chief economist reveals that Canadians are comfortable with their mortgage and are accelerating their mortgage repayment efforts.
According to the report, mortgage holders, particularly those who purchased homes recently, are making considerable efforts to accelerate repayment of their mortgage. The survey found that 23 per cent of mortgage holders have increased their monthly payments during the past year. In addition, 19 per cent have made lump sum contributions to their mortgage in the past year, and 10 per cent have done both.
“Despite daily warnings in the media about mortgage indebtedness – or maybe because of them – Canadians are making responsible decisions about their mortgages and they’re exhibiting confidence in their own situations,” said Jim Murphy, AMP, President and CEO of CAAMP. bq. “We should feel encouraged by this behaviour – it means Canadians are well positioned to weather a potential rise in interest rates.”
The report also includes information on consumer borrowing behavior and an outlook on residential mortgage lending.
For significant stats from the report, click here
To download a copy of the survey report, click here