Approximately one-third of Canadian homeowners with mortgages had some mortgage activity this year, with 23% renewing or refinancing their mortgage, according to the seventh annual State of the Residential Mortgage Market report by the Canadian Association of Accredited Mortgage Professionals (CAAMP).
According to the CAAMP report, 60% of Canadian homeowners have fixed-rate mortgages, while 31% have variable-rate mortgages. Among those who renewed or refinanced their mortgage in the past 12 months, 78% saw a reduction in their rate and 21% changed lenders for this transaction.
CAAMP also found that 10% of mortgage holders took out equity in the last year, a 40% drop from 2010.
‘Overall, our survey paints a picture of Canadians generally and homeowners in particular as very focused on their finances,’ says Jim Murphy, president and CEO of CAAMP. ‘They are planning ahead, aggressively paying down their mortgage in advance of any further economic jolt. Prudent is the word that best sums up how Canadians are feeling at this time.’