Prudence Paying Off For Canadian Mortgage Borrowers - Spring 2010

Toronto, ON (May 10, 2010) – Canadians appear well prepared to face the new phase of the residential mortgage market, where interest rates are rising and house activity is easing off, according to the sixth bi-annual review of the Canadian mortgage market by the Canadian Association of Accredited Mortgage Professionals (CAAMP), released today.

Highlights:
• Consumer concern about rising rates is offset by increasing home equity
• Many mortgages were renegotiated at lower rates; amortization periods are declining
• Many Canadians have used cost savings from low rates to pay more than required, providing flexibility to deal with mortgage rate increases
• Mortgage debt is a priority – the vast majority of Canadians have never missed a payment
• A high percentage of Canadians still believe it is a good time to buy a home

Source: Canadian Association of Accredited Mortgage Professionals releases
spring survey report on residential mortgage market

Click here to read the entire article...