The Canadian Association of Accredited Mortgage Professionals released its fall consumer report, Annual State of Residential Mortgage Market in Canada, this week. Here are some interesting statistics:
- Among borrowers who took out a new mortgage in 2012, a record 47% obtained it from a mortgage broker.
- Among mortgage borrowers who have renewed a mortgage this year, 61% experienced a reduction in their interest rate.
- 32% of mortgage holders are making significant efforts to accelerate repayments and pay their mortgage off sooner.
- Of the 9.7 million homeowners in Canada, 5.95 million have mortgages and 3.75 million are mortgage free.