8 November 2010
In addition to it, 80% have more than 20% equity.
- In general, home equity is at 72% of the total value of housing in Canada. The average equity level is 50% among households with mortgages.
- There was $1.01 trillion in residential mortgage credit in August 2010 – it’s 7.6% more than in the last year.
Jim Murphy, CAAMP president also added: “Canadians are very smart and responsible concerning their mortgages. They are focused on building equity in their homes. Moreover, they make informed mortgage decisions. The survey results show the strength of our mortgage market, especially when compared to the United States”.
In other words, most Canadians consider the home purchase to be a good long-term investment, that’s why they are focused on their mortgages to support that investment.