Alberta Mortgage Consumers Intend to Pay off Mortgage Debt Quickly



    OTTAWA, March 20 /CNW Telbec/ - Canada Mortgage and Housing Corporation's
(CMHC) 2007 Mortgage Consumer Survey shows that 82 per cent of Alberta
residents who recently purchased a home intend to pay off their mortgage as
quickly as possible, compared to the national average of 78 per cent.
    "CMHC's survey reveals that Canadians all across the country share the
goal of paying off their mortgage debt quickly, and Albertans are leaders in
this regard," said Pierre Serré, Vice-President, Insurance Product & Business
Development, CMHC. "The survey also confirms that Albertans, like most
Canadians, remain fundamentally cautious when it comes to managing their
mortgage debt."
    The 2007 national survey focused primarily on recent purchasers and also
for the first time included questions on homeowner behaviour regarding
mortgage debt re-payment since arranging their mortgage.
    Among recent homebuyers in Alberta, 50 per cent are making weekly or
bi-weekly mortgage payments, and the majority of these are on an accelerated
basis which has the effect of shortening the time required to payoff the
mortgage. Also, nearly two-thirds of purchasers plan to reduce their mortgage
amortization period when their mortgage comes up for renewal.
    The survey also indicated that the proportion of Alberta purchasers who
used the services of mortgage brokers in 2007 is higher than in most other
parts of the country. While, on average, 33 per cent of recent purchasers in
Canada used a broker, in Alberta 41 per cent relied on a broker when arranging
their mortgage.
    As well, more Alberta homebuyers reported shopping around before
obtaining their mortgage - 84 per cent of Albertan purchasers shopped around
for the best mortgage deal, compared to the national average of 77 per cent.
    CMHC's Mortgage Consumer Survey is conducted each fall to examine
consumer behaviour, attitudes and expectations when acquiring, renewing or
refinancing a mortgage. The survey is based on a national probability sample
of more than 1,400 recent active mortgage consumers comprised of first-time
buyers, repeat buyers, mortgage renewers and refinance consumers. The results
for the entire sample are accurate within 2.6 percentage points 19 times out
of 20.
    As Canada's leading mortgage insurer, CMHC shares a wealth of knowledge
and housing expertise for the benefit of Canadians. CMHC's mortgage insurance
has opened doors for millions of Canadians, giving them the assurance and
piece of mind that comes with homeownership.

    As Canada's national housing agency, CMHC draws on over 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.
    For more information, visit www.cmhc.ca or call 1-800-668-2642.




For further information:

For further information: on this release: Julie Girard, CMHC Media
Relations, (613) 748-4684, jagirard@cmhc-schl.gc.ca; This release is also
available on the CMHC Web site: http://www.cmhc-schl.gc.ca


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