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Canadians don't regret their mortgage choices

Canadians have heard the many cautions about carrying too much debt and are taking action to insulate themselves from future economic downturns, says an annual report by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

Highlights of the report say:

* About one-third (32 per cent) of homeowners with mortgages had some mortgage activity in 2011, with 23 per cent renewing or refinancing their mortgage.

* Fixed-rate mortgages remain most popular (at 60 per cent), while 31 per cent have variable rate mortgages.

* Among those who renewed their mortgage in the past 12 months, 78 per cent saw a reduction in their rate.

* Among those who renewed or refinanced their mortgages in the last year, 21 per cent changed lenders.

* Levels of equity takeout have dropped in 2011 – only 10 per cent of mortgage holders took out equity in the last year, a 40 per cent drop from 2010.

“Overall, our survey paints a picture of Canadians generally and homeowners in particular as very focused on their finances. They are planning ahead, aggressively paying down their mortgage in advance of any further economic jolt,” says Jim Murphy, president and CEO of CAAMP.  “Prudent is the word that best sums up how Canadians are feeling at this time.”

“Despite less than positive feelings towards the economy, or maybe because of that, Canadians are showing a level of prudence in their decisions that is inspiring,” says Murphy. “That suggests to us that there is no need for policy makers to introduce new measures that would reduce housing activity.”

For a copy of the report, visit www.caamp.org.

Posted: Wednesday, November 16, 2011 3:19 PM by Oleh and Natalie Korchuk

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