Responsible Canadian Homeowners

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By Elli Davis, May 15, 2010

The Canadian Association of Accredited Mortgage Professionals (CAAMP) has released the results of its survey, which was conducted last month. It demonstrates that the borrowers in Canada are “remarkably mature”, Jim Murphy, the president of the association stated.

The study shows that approximately 40 percent of borrowers are paying at least $100 more, on top of their monthly payments, to pay off their loan as soon as possible. Since last year, 3 percent of borrowers paid off their mortgages, increasing the numbers of Canadians with no mortgage to about 3.75 million. More than half, 63 percent of borrowers are still locked into their mortgage for a period five or more years. Over the past year, 12 percent of them switched to a fixed-rate mortgage from a variable-rate mortgage.

A positive finding is the fact that only a minority of mortgage holders, about 475,000 (out of about 5.55 million), are expected to have problems with the rise of interest rates. Good news! The overall results are pretty positive. The whole study, of course, contains even more info and details, so check it out. I am pleased to say that the homeowners in Canada seem to be very responsible, and I am proud of that fact.