OTTAWA, March 20 /CNW Telbec/ - Canada Mortgage and Housing Corporation's
(CMHC) 2007 Mortgage Consumer Survey shows that the overwhelming majority of
Ontarians who recently purchased a home, or renewed or refinanced a mortgage
are confident in their ability to manage their mortgage debt.
"The fact that Ontario homeowners 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 Ontarians, like most Canadians, remain
fundamentally cautious when it comes to managing their mortgage debt."
The 2007 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.
In Ontario, 92 per cent of mortgage consumers felt confident in their
ability to manage their debt, over the national average of 88 per cent. Also,
the survey finds that 77 per cent of those who recently purchased a home
intend to pay it off as quickly as possible and more than half agreed that,
whenever possible, they would use extra money to pay down the principal on
their mortgage. The majority of homebuyers in Ontario (57 per cent) 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. A significant proportion (42 per cent) of purchasers in
Ontario also intend to reduce their mortgage amortization period when their
mortgage comes up for renewal.
Overall, 83 per cent of mortgage consumers in Ontario were satisfied with
the services they received from either their mortgage lender or broker. CMHC's
survey also reveals that a significant proportion of mortgage consumers in
Ontario (61 per cent) were totally satisfied with the services they received
compared with 52 per cent in 2006.
In addition, 32 per cent of Ontario 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, firstname.lastname@example.org; This release is also
available on the CMHC Web site: http://www.cmhc-schl.gc.ca