Most Canadians pay down their mortgage

According to a new study done for the Accredited Mortgage Professionals, Canadians have two-thirds more equity in their home than Americans. The study found that on average Canadians have 72% equity in their home, compared to 43% in the United States.The study also found that Canadians are reducing the amount of equity they're taking out of their homes as well! In 2008, 22% of Canadians had accessed the equity in their home through things like lines of credit, but today that is down to only 15%!

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