Nearly 90 per cent of recent home purchasers across the country believe that home ownership is a good long-term investment and that almost 70 per cent think that now is a good time to purchase a home in their community. That’s according to the 2009 Mortgage Consumer Survey by the Canada Mortgage and Housing Corporation (CMHC).
The survey results also indicate that recent purchasers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86 per cent are of the view that the level of total housing and other monthly payments should generally not exceed 40 per cent of gross household income, which is in line with generally accepted mortgage lending practices.
The survey shows that recent purchasers are prudent mortgage managers. According to the survey, 75 per cent of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20 per cent of recent purchasers report having made a lump sum payment to their mortgage.
Similar to CMHC’s last Mortgage Consumer Survey, the 2009 survey also indicates that Canadians continue to be well served by the mortgage industry, with 77 per cent of recent mortgage purchasers expressing satisfaction with the service received from their lender or broker.
click on logo for your complete consumers buyer's guide! How can I help you today? _________________________________________________ b r i a n m a y e r real estate sales representative Royal LePage Your Community Realty Brokerage independently owned and operated 187 King St. East Toronto, ON. M5A 1J5 (416)-637-8000 Helping You is What We Do. A referral remains the highest compliment I can receive. Everything you need to open new doors.
Comments