The Canadian Association of Accredited Mortgage Professionals, or CAAMP, compiled some interesting facts in its April 2009 survey report "The Canadian Residential Mortgage Market During Challenging Times". Despite global and national economic pressures, mortgage holders in Canada appear to be holding their own, and many are using their home equity to ride through the tougher times. Both lenders and insureres are willing to work with households in times of difficulty. All in all, the report points to greater resilience in Canadian households, and some excellent opportunities for low mortgage rates.

The current trends for new mortgages are toward mortgage brokers, who took the lion's share of the new mortgages signed in the last year, pulling ahead of banks as the preferred mortgage professional. Homeowners are negotiating ever-lower rates, and opting for longer-term mortgages; variable-rate mortgages are recently gaining in popularity. Overall, home equity is strong, and many are choosing to refinance their mortgages to use their equity for debt consolidation and important purchases.

Some key facts from the CAAMP report:

Mortgage holder statistics

• An estimated 5.35 million Canadians have home mortgages
• An estimated 3.75 million Canadian homeowners do not have mortages
• The average outstanding principal on Canadian mortgages is $138,000
• The average equity in Canadian mortgaged homes is $145,000
• Only 2% of Canadian borrowers have negative equity, compared to 25% in the US
• Average housing equity for all Canadian homeowners is 72%, compared to just 43% in the US

Mortgage rate statistics

• The average mortgage interest rate in Canada is 4.83%, down from 5.41 in 2008
• Borrowers who locked into five-year fixed rate terms in the last year negotiated an average 1.68% below posted rates
• Borrowers who renewed or refinanced their mortgage in the last year on average knocked almost 1% off their previous rates
• Interest rates are predicted to drop for nearly ¾ of mortgages coming up for renewal in the next year

Mortgage trend statistics

• Mortgage brokers were the most popular source of new mortgage finance in the last year, responsible for financing 46% of new mortgages
• Fixed rate mortgages are the most common option, representing 68% of all mortgages
• Variable rates are growing in popularity, chosen for 36% of new mortgages compared to just 24% of previously-negotiated mortgages
• Only 5% of mortgages have combination or hybrid rates
• In the last two years, 46% of mortgages have amortization periods of longer than 25 years
• 15% of homeowners refinanced their mortgages to take out equity in their homes in the last year
• The average equity take-out was an estimated $42,500
• The most common reason for refinancing was debt consolidation, followed by home renovation, purchases and investment