Canadian Mortgage Facts
A survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) says 93% of mortgage holders have never missed a payment, and of the 7% who have, 4% did so during the past year. The survey data indicates that recent purchases and extended amortization periods are no more risky than are prior purchases and shorter amortization periods.
This view is accentuated by the fact that among mortgages transacted during the past year, 65% are fixed rate, 29% are variable or adjustable, and 6% are combination mortgages. Most terms are long – 70% are five years or longer, 9% have short terms of two years or less, and 21%t have terms of three or four years. Significantly, of the 65% with fixed rates, 12% locked in from a variable rate during the past 12 months, and a further 10% had locked in more than a year ago in anticipation of rising interest rates, says the association.
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