Quebec Mortgage Consumers Intend to Pay off Debt Quickly



    OTTAWA, March 20 /CNW Telbec/ - Canada Mortgage and Housing Corporation's
(CMHC) 2007 Mortgage Consumer Survey shows that 76 per cent of Quebecers who
recently purchased a home intend to pay off their mortgage as quickly as
possible, and 65 per cent of purchasers agreed that they would use extra money
to pay down principal whenever they are able - over the national average of
57 per cent.
    "This study confirms that Quebecers, like most Canadians, remain
fundamentally cautious when it comes to managing their mortgage debt," said
Pierre Serré, Vice-President, Insurance Product & Business Development, CMHC.
"The fact that new homeowners in Quebec intend to pay off their mortgages as
quickly as possible, and are taking steps to do so, is a good sign."
    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.
    More than half (55 per cent) of recent homebuyers in Quebec are making
weekly or bi-weekly mortgage payments, and three quarters 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 indicates that 86 per cent of mortgage consumers in Quebec
felt confident they could manage their debt, and 87 per cent of recent
purchasers felt that the mortgage choice they made was the best option for
them.
    In addition, 26 per cent of Quebec mortgage consumers buying a home used
the services of a mortgage broker to arrange their mortgage, compared to 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
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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