The Annual State of the Residential Mortgage Market in Canada probes into how Canadians are managing their mortgage debt. Here are a few of the highlights of the fall 2014 survey:
- The average mortgage interest rate is 3.24%, identical to the spring survey and down from the average 3.5% found in the fall 2013 survey.
- On average, Canadian home equity amounts to 74% of the value of their homes; more than 85% have 25% or higher.
- About 11% of homeowners took equity out of their homes, using the money for debt consolidation and repayment, renovations, investments, purchases, including education, and “other”. Read more fascinating facts and stats: http://goo.gl/ruhjjH
If your mortgage is coming up for renewal or you’re interested in refinancing or taking some of the equity out of your home, talk to a qualified mortgage broker who has your best interest at heart. Contact Tracy Irwin today.
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