The Canada Mortgage and Housing Corporation (CMHC) provided
some interesting — and positive! — insight into the way Canadian
mortgage holders view their mortgage obligations, according to
the CMHC 2011 Mortgage Consumer Survey.
Overall, Canadians appear to enter the housing market with
both eyes open, doing extensive research before they purchase,
and then are diligent in their mortgage management following
their purchase. After all, as Pierre Serré, Vice President, Insurance
Product and Business Development at CMHC noted, “Buying a home
is one of the biggest financial decisions most Canadians will make
in their lifetimes.”
The survey showed that Canadians take, on average, 11 months to plan
their purchase, and 88 percent of homebuyers indicated they had a
good sense of how much mortgage they could afford before purchasing a
home. Many of these homebuyers no doubt took advantage of the research
provided to them through their mortgage brokers, whose job it
is to provide homebuyers with a comprehensive insight into
all their borrowing options.
Following their home purchases, 75 percent of recent homebuyers
surveyed felt it was very important to pay off their
mortgage as soon as possible. To achieve this, 39 percent of
recent buyers indicated they had arranged for higher mortgage
payments than the minimum required, while 20 percent had
made a lump-sum payment since taking out their mortgage.
Whether you have questions about your current mortgage,
or are thinking about taking out a new loan, please remember
that you can call at any time for a discussion and advice, with
absolutely no obligation.
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