OTTAWA, March 20 /CNW Telbec/ - Canada Mortgage and Housing Corporation's
(CMHC) 2007 Mortgage Consumer Survey shows that 94 per cent of Atlantic
Canadians who recently purchased a home are confident their mortgage choice
was the best for them - compared to the national average of 89 per cent - and
77 per cent intend to pay off their mortgage as quickly as possible.
"The fact that homeowners in Atlantic Canada are confident in their
ability to manage their mortgages is a good sign for the province's mortgage
market," said Pierre Serré, Vice-President, Insurance Product & Business
Development, CMHC. "The survey also confirms that Atlantic 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 home buyers in the Atlantic region, about half are making
weekly or bi-weekly mortgage payments, and the vast majority of these are on
an accelerated basis which has the effect of shortening the time required to
payoff the mortgage. About one-third are also planning to reduce their
mortgage amortization period when their mortgage comes up for renewal.
CMHC's survey indicated that 85 per cent of Atlantic respondents are
confident in their ability to manage their debt and more than half of those
who recently bought a home agreed that, whenever possible, that they would use
extra money to pay down the principal on their mortgage.
In addition, 35 per cent of Atlantic mortgage consumers buying a home
used the services of a mortgage broker to arrange their mortgage, on par with
the national average of 33 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
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, email@example.com; This release is also
available on the CMHC Web site: http://www.cmhc-schl.gc.ca