2013 Mortgage stats, Where do you fit in?

16% of homes purchased in 2013 had amortizations over 25 years
8% of respondents believe the housing bubble will burst within the next five years
82% of new mortgages for homes purchased in 2013 were fixed rate mortgages
2% of buyers with less than 20% down chose a variable rate mortgage
40% of new mortgages in 2013 were obtained from a mortgage broker.
70% of households with mortgages have 25% or more equity
57% of 2013 homebuyers were first-time buyers
84% of mortgages on homes purchased in 2013 had an original amortization of 25 years or less
16% of borrowers  increased the amount of their payments in the past year - the average monthly increase was  $400
17% of borrowers  made a lump sum payment - the average amount was $14,000

OTHER HIGHLIGHTS

43% of current mortgage holders  consulted a mortgage broker about getting a new mortgage
68% of respondents agreed their mortgages are "good debt"

INTEREST RATES

3.23% is the average mortgage interest rate for mortgages on homes purchased in 2013
3.20% is the average mortgage interest rate for mortgages renewed in 2013, which averaged 0.82 percentage point lower than prior to their renewal

EQUITY TAKE-OUT

11%  of homeowners took equity out of their home in the past year with $57,000 the average amount
$59 billion is the estimated amount of total equity take-out in the past year
$16.6 billion was used for debt consolidation and repayment
$15.1 billion was used for investments
$12.3 billion was used for home renovations

REAL ESTATE/MORTGAGE MARKET

9.52 million: The number of homeowners in Canada
4.28 million: The number of renters in Canada
5.58 million: The number of homeowners with mortgages (who may also have a home equity line of credit (HELOC))
3.94 million: The number of homeowners who are mortgage-free
2.3 million: Number of total homeowners who have HELOCs