CAAMP’s Annual Mortgage Report
Just today, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released its annual fall survey report on residential mortgage market. The bright piece of news that can be gleaned from this report is that Canadian homeowners, for the most part, are comfortable with their mortgage debt levels. In their eyes, mortgage is the good kind of debt. They are right, as mortgage debt should be viewed as building for the future – debt architecture almost.
Such positivity is a good sign. Of this, Canada NewsWire writes,
This level of comfort may be due to the fact that Canadians believe they are in control of their mortgages: taking aggressive actions to pay them down, leveraging their equity to consolidate debt or make new investments, taking advantage of low interest rates and increasingly turning to mortgage brokers rather than major banks for their mortgage needs.
Comfort often leads to aggressive ambition, two qualities that can jumpstart any economy. That is because there is confidence in the market. Not many expect a bubble will pop, which is a good sign. Over half of the homes purchased this past year were purchased by first time buyers. Given how the economy has been in the past few years, first time buyers were relegated to the sidelines, waiting for a more opportune time to start the new chapter of their lives. Combine this positive development with the increase in mortgage repayments and shortened amortizations and you have an atmosphere that quite simply exudes consumer confidence!
At River City Financial, we are very excited by this development. People always think about their future. Now it seems that they are finally acting on it. If you have any questions regarding mortgages, mortgage repayments or amortization rates, call us today!