A beacon of light prevails in the Canadian economy. Turns out equity on properties is very strong according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).
Over 40 per cent of mortgage holders have at least 50 per cent of the value of their home in equity and of all Canadian homeowners, 65 per cent hold at least half the value of their properties.
In the last year, 15 per cent of the mortgage holders took equity out of their homes. This represents a national total of $34 billion. Over half used it for debt repayment or consolidation.
“...Most Canadians have the ability to deal with temporary market fluctuations and reductions in personal income,” said Jim Murphy, president and CEO of CAAMP.
“With only a very small number at risk of not being able to pay or refinance their mortgages, our overall market is very strong.”
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