Lethbridge Mortgages - Alberta Mortgages
The following are some statistics relating to mortgages across Canada. I am sharing this on my Lethbridge real estate and mortgage websites, as many local Lethbridge mortgage consumers and my fellow real estate professionals may find it enoightening.
Some of it is very interesting.
• There are approximately 9.3 million homeowners in Canada, including about 5.55 million with mortgages.
• Almost 80 per cent of young borrowers have opted for a fixed rate mortgage or a mortgage that combines fixed and variable rates.
• A small number of mortgage consumers (17 per cent) have amortization periods of more than 25 years and the share of mortgages with extended amortizations has stabilized – a year ago the share was also 17 per cent.
• Among borrowers who have renewed a mortgage in the past 12 months, almost three-quarters received a reduction in their interest rate. On average, interest rates were reduced by 1 percentage point on mortgages renewed in the past 12 months.
• 16 per cent of mortgage borrowers have increased their monthly payments beyond required amounts. Combining the data obtained in the survey, the total increases amount to about $150 million per month or $1.8 billion per year if those increased payments are sustained.
• 13 per cent of mortgage borrowers made lump sum payments, with an estimated total of $7.8 billion, equivalent to 1 per cent of the total outstanding mortgage principal.
• For new mortgages, 50 per cent were obtained from a bank, 30 per cent from a mortgage broker, and 20 per cent were obtained from another source.
• Mortgage brokers are used most often in Alberta (32 per cent), B.C. (29 per cent) and Ontario (26 per cent) compared to the Maritimes (19 per cent), the Prairies (17 per cent) and Quebec (14 per cent).
• The total volume of the residential mortgage market is expected to pass the $1 trillion mark mid-year and by the end of 2010 would be in the range of $1.04 trillion. By the end of 2011, the forecast is $1.13 trillion to $1.14 trillion.
The above is part of a press release from CAAMP. The release is available here:
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.