The Canadian Association of Accredited Mortgage Professionals (CAAMP) released its annual fall survey report on Tuesday which indicated that brokers are quickly gaining valuable market share on their banking counterparts.
“Among borrowers who took out a new mortgage during 2013 up to the time of the survey in October, 42 per cent obtained the mortgage from a Canadian bank and 40 per cent from a mortgage broker,” the report stated. “Other categories accounted for 18 per cent of new mortgages.”
The 36 page report – which was authored by CAAMP Chief Economist, Will Dunning -- touches on various issues pertaining to the mortgage industry; including interest rates, mortgage choices, fixed versus variable rates and, perhaps most interestingly, consumer sentiment.
The consumer sentiment focuses on hot-button media issues that have garnered significant media coverage. The section found that:
- Consumers have become more confident that they can “weather a downturn in the housing market”
- There has been an increase in respondents who believe real estate investing is a smart long-term investment
- Many agree that mortgages are considered “good debt”
When it comes to the health of the real estate market, half of those polled expect a relatively stable housing environment; less than ten per cent expect a housing bubble to burst; 17 per cent believe housing prices will slowly decline; younger pollsters are less certain about the health of the market going forward.
To read the entire report, click here.