INFOGRAPHIC: Canadians and their mortgages

Nine per cent of potential home buyers no longer qualify for a mortgage under the new rules

The folks over at RateHub—a helpful website that lets you compare mortgage rates and figure out how much it will actually cost you to buy a house—have put together a nifty infographic that sums up the key findings of the latest report on the mortgage market by the Canadian Association of Accredited Mortgage Professionals.

Section 3 and 4 are particularly interesting: According to CAAMP, the recent tightening in mortgage rules has shut out some nine per cent of potential home buyers—on average, it will take these buyers an additional three and a half years to squirrel away enough money for a downpayment. Also, a number of Canadians are using home equity to pay off other debt—nothing new here, but always scary to look at.

Canadian mortgage market statistics
Mortgage Infographic by RateHub.ca

 




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