Most Canadian homeowners are comfortable with their mortgage debt, according to the sixth annual State of the Residential Mortgage Market report from the Canadian Association of Accredited Mortgage Professionals (CAAMP
). They also have significant home equity and can handle an increase in their mortgage interest rate.
“Canadians are being smart and responsible with their mortgages,” said Jim Murphy, CAAMP
president and CEO. “They are building equity in their homes and making informed, long-term mortgage decisions. The survey results speak to the strength of our mortgage market, especially when compared to the United States.”
A few highlights from the report:
- 80 per cent of Canadian homeowners have more than 20 per cent equity in their homes
- 35 per cent of mortgage holders either increased their monthly payments or made a lump sum payment in the last year
- 84 per cent of mortgage holders said they could withstand an increase of $300 or more on their monthly payments