 |
|
|
|
Mortgages Will Top 0 Billion In '07
Canada's already record mortgage debt will jump by billion next year to top 8 billion, according to a forecast from the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), based on a September survey of homeowners. But the survey also found that potential buyers in both B.C. and Alberta were the least enthusiastic that now is a good time to buy a home.
"The Canadian mortgage market remains exceedingly robust," said Paul Grewal, Chairman of the CIMBL. "The housing market remains very active overall in historic terms, setting new record levels of dollar volume sales. In addition, new lenders and mortgage insurers have entered the market increasing Canadians' options for mortgage products. This will continue to fuel the mortgage market."
Outstanding Canadian mortgage credit was valued at 7 billion in mid-2006 (compared to 7 billion, mid-2005). For 2007, approvals are forecasted to exceed 0 billion for the first time at 4.5 billion (3.5% higher than in 2006). Ontario accounted for nearly half the residential mortgage approvals in 2005, with 45% of the market. British Columbia, Alberta and Quebec each accounted for more than 10% of the nation's mortgage activity. When asked if "now is a good or bad time to buy a home in your community," Alberta and British Columbia were the only two provinces which said most definitely 'no' - Alberta: 70% negative vs. 12% positive; B.C.: 45% negative vs. 25% positive. Look it up at www.cimbl.ca.
|
|
|
