With home loans so easy to acquire these days, Canadians are increasingly going into buying homes that has lead to a $1.19 Trillion in mortgage debt divided among 9.32 Million home owners.
The average mortgage rates that were renewed in 2013 stood at 3.20% while the mortgage on homes purchased in 2013 stand at 3.23%. All the existing mortgage rates have dropped from 3.52% to 3.50%.
Broker popularity in 2013 increase 19% from 2012 where it stood at 31 %. Canadians have saved more than $2.5 Billion in home purchases with mortgage rate discounts and have also reportedly been paying off their mortgages sooner. But they have also spent a whopping $59 Billion in accessing home equity.