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Wednesday, November 10, 2010

Canadian Mortgage Broker News - Mortgage market surpasses $1 trillion

Canadian Mortgage Broker News - Mortgage market surpasses $1 trillion

Mortgage market surpasses $1 trillion
Monday, 8 November 2010

The Canadian residential mortgage market has surpassed $1 trillion for the first time this year as higher prices forced many to borrow heavily for new homes, and low interest rates encouraged more refinancing.

At the end of August, there were $1.008 trillion in mortgages outstanding, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP). This marked a 7.6 per cent gain from a year ago, and the volume of outstanding mortgages has increased by 194 per cent over the past 15 years.

Many Canadians have also been using their mortgages to free up extra money. Eighteen per cent of mortgage holders took equity out of their homes, with nearly half citing a need for “debt consolidation or repayment.” The average amount borrowed against home equity was $46,000.

CAAMP estimated total borrowing at $41 billion, about the same as last year. About $15 billion was taken out for renovations, $6 billion for education and other spending, $7.5 billion for investments and $4 billion for other purposes.

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