Our good friends over at RateHub (one of our go-to spots on the web for mortgage comparison stats) have put together an excellent infographic titled “Five Things You Didn’t Know About the Canadian Mortgage Market” and they examine what the Canadian Association of Accredited Mortgage Professionals (CAAMP) states about the Canadian market in regards to residential mortgages.
There are some really interesting points from the infograph and they use data and statistics taken from surveys, economic growth rates and the impact of changing mortgage rates. You’ll find that since 2008, homeowners are paying off their mortgages 5 years faster and only 9% of the population does not initially qualify for a mortgage. It also concludes that fixed mortgages are increasing while variable mortgages are decreasing.
Homeowners are building equity at increasing rates helping them further increase overall wealth while paying off debt.