Mortgage-Professionals-Canada Low Interest Rates Help Canadians Manage Higher Mortgage Down Payment's. Mortgage Professionals Canada Releases Fall Report. In its Annual State of the Residential Mortgage Market in Canada report, Mortgage Professionals Canada, reveals Canadians are finding ways to increase their down payments and start the process of retiring their mortgage debt. The fall report, prepared by Mortgage Professionals Canada Chief Economist Will Dunning, highlights the cause and effect of higher down payments and lower interest rates. For example, "a 20 per cent down payment on an average priced house is now equal to 93 weeks at the average wage in Canada. A decade ago it was 68 weeks, two decades ago 53 weeks." Yet, Dunning says, "Thanks to low interest rates and homeowners paying down their mortgages more quickly, the 'net cost' of homeownership is very low in historic terms and the rate of mortgage arrears continues to fall." Last week, the federal government announced that effective February 15, 2016, the minimum down payment will rise to 10 per cent from five per cent for the portion of the house price that exceeds $500,000. The report cautions that continued restriction of mortgage activity "would be dangerous, not just for the housing market, but also for the broader economy." Reflecting on last week's announcement, Dunning added that "Mortgage Professionals Canada shares the government's interest in achieving a balance between risk-management, promoting competition, and ensuring that mortgage funding is available for qualified homebuyers." Report Highlights: Despite the very real challenges Canadians continue to face in hot markets like Toronto and Vancouver, they are continuing to invest, seeing homeownership as forced savings, in addition to providing a great place to live. The fall report demonstrates the resilience of Canadians as they continue to navigate the residential mortgage market. About Mortgage Professionals Canada Mortgage Professionals Canada (formerly CAAMP) is the national mortgage broker channel association representing the largest and most respected network of mortgage professionals in the country. Its membership is drawn from every province and from all industry sectors. Through its extensive membership database, Mortgage Professionals Canada provides consumers with access to a cross-country network of the industry's most respected and ethical professionals. The association ensures an effective and efficient mortgage marketplace by: SOURCE: Mortgage Professionals Canada

Monthly Archives: December 2015

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CIBC POLL: MAJORITY OF MILLENNIALS SAY THEY ARE CLUELESS ABOUT INVESTING

Young women are less confident investors than young men

Close to 70 per cent of millennials invest their money, but the vast majority of them – whether they invest their money in the markets or not – say they are clueless about investing, admitting they lack financial knowledge and investing confidence, Continue reading ..