In April 2009, CAAMP (Canadian Assoc.of Accredited Mortgage Professionals) reported from a recent survey the following:
- First-time mortgages are most likely to be sourced through a mortgage broker (48%) (compared to Banks at 44%).
- The mortgage broker industry represented 46% of all new mortgages written in Canada last year (compared to 43% through Banks).
- The average mortgage holder has $145,000 in equity in their home.
- Last year, about 15% of mortgages involved an equity take-out (average amount of $42,500).
- Mortgage Brokers are most frequently used in Alberta (36% of mortgage activity), British Columbia (35%), Ontario (32%), and Manitoba (31%).
If you would like to read the contents of this survey, please visit CAAMP’s website at www.caamp.org. Click on “mortgage industry” and under Survey Reports click on “The Canadian Residential Mortgage Market During Challenging Times”.