In a report prepared for the Canadian Association of Accredited Mortgage Professionals (“CAAMP”), it was found that:

• There are currently about 9.3 million home owners in Canada, of whom about 5.55 million have mortgages.
• About one-quarter (24%) of home owners had some form of mortgaging activity during the past 12 months: taking out a new mortgage on a home that was newly purchased or which previously did not have a mortgage (7%), renewing, refinancing or transferring an existing mortgage (17%), or paying off an existing mortgage (3%)1. The remainder (76% of home owners) did not have any mortgaging activity during the year.
• The average outstanding principal is $138,000. Based on the survey findings, it is estimated that outstanding mortgage principals on primary residences total $770 billion. Mortgages that were originated during the past year have a current total principal of $127 billion; mortgages renewed, refinanced, or transferred have a total principal of $180 billion; and for mortgage holders who were inactive during the year the current total principal is $494 billion.

What I found amazing about this profile report, is that out of  the estimated 9.3 million home owners in Canada, 3.75 million do NOT have a mortgage.  I would never have guessed!

This entry was posted on Tuesday, May 25th, 2010 at 2:08 pm and is filed under General Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.