CAAMP's Spring Report 2014

The Canadian Association of Accredited Mortgage Professionals (CAAMP) released its Spring report on Thursday, showing a healthy and optimistic view of the Canadian housing market. Many Canadians are still consistently making lump sum payments or increasing their monthly payments to reduce their mortgage amount faster, and a large percentage of those renewing mortgages this year are benefitting from 5 year fixed rate mortgages at low rates.

Some highlights of the report include:

• 3.95 million homeowners have paid off their mortgage;
• 92% of homeowners have an amortization that is 25 years or less;
• 39% of mortgages were facilitated by a Mortgage Broker;
• The average interest rate was 3.24%, a decrease of 3.5% from the Fall survey.

Click here for the full report from CAAMP.