5 Things You Didn’t Know About
the Canadian Mortgage Market
The folks over at RateHub — a helpful website that lets you compare mortgage rates & figure out how much it will actually cost you to buy a house — have put together a nifty info graph that sums up the key findings of the latest report on the mortgage market by the Canadian Association of Accredited Mortgage Professionals (CAAMP).
Section 3 & 4 are particularly interesting: According to CAAMP, the recent tightening in mortgage rules has shut out some 9% of potential home Buyers — on average, it will take these Buyers an additional 3 ½ years to squirrel away enough money for a downpayment. Also, a number of Canadians are using home equity to pay off other debt—nothing new here, but always scary to look at.
5 Things You Didn’t Know……
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