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Free Professional Advice

Why choose Micah? Because I provide valuable professional advice and it’s FREE!

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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Best Rates

Let me shop the major banks and top lenders for you.

Let me negotiate the best rate. Remember I work for you, not the banks.

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Get Approved

My approval rating is high.

With my portfolio of lenders, I can find you a program that works for you.

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Lower rates equals thousands in savings.

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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When the banks are closed, I am not.

I work for you and I am at your service 7 days a week.

Blog by Micah Verceles

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Change in the Canadian Mortgage Market

The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently released its spring mortgage consumer report, Change in the Canadian Mortgage Market.


The report, compiled by Will Dunning, CAAMP’s Chief Economist, reveals that Canadians are comfortable with their mortgage, but also discusses the impacts that government restrictions on mortgage borrowing are having on housing-related economic activity.


Following are just a few key highlights from the report:


  • Canadians are paying off their mortgages quicker. For mortgages repaid during the past two decades, actual repayment has been two-thirds of the contracted period


  • Just 8% of homeowners took out equity on their home last year. The average equity takeout was $48,000, with the primary purpose being for renovations/home repairs


  • 83% of Canadian homeowners have at least 25% equity in their home


  • Overall, 69% of mortgage holders have fixed-rate mortgages. For those taken out in the last 12 months, the figure rises to 85%


  • The average mortgage rate is 3.52%. For those renewed in the past 12 months, the average rate is 3.15%


  • For the past 12 months, the actual average rate for a five-year fixed-rate mortgage has been 2.20% below the banks’ posted rate


  • 60% of Canadians have two or more credit cards, including 30% who have three or more. The average outstanding balance is $3,500


  • Mortgage credit growth is slowing dramatically. For 2014, it’s forecasted to be 2.5% to 3%, or roughly half the current rate


  • 18% of mortgage holders, or about 1.1 million people, voluntarily increased their mortgage payments, while a further 16%, or about 975,000, made a lump-sum payment during the last year


  • Mortgage brokers continue to account for 25% of all mortgages. For new mortgages in the last 12 months, that total rises to 31%


As always, if you have any mortgage-related questions, I’m here to help!