Nearly 90 per cent of recent home purchasers across Calgary and Canada believe that home ownership is a good long-term investment and that almost 70 per cent think that now is a good time to purchase a home in their community. That’s according to the 2009 Mortgage Consumer Survey by the Canada Mortgage and Housing Corporation (CMHC).
The survey results also indicate that recent purchasers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86 per cent are of the view that the level of total housing and other monthly payments should generally not exceed 40 per cent of gross household income, which is in line with generally accepted mortgage lending practices.
The survey shows that recent purchasers are prudent mortgage managers. According to the survey, 75 per cent of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20 per cent of recent purchasers report having made a lump sum payment to their mortgage.
Similar to CMHC’s last Mortgage Consumer Survey, the 2009 survey also indicates that Canadians continue to be well served by the mortgage industry, with 77 per cent of recent mortgage purchasers expressing satisfaction with the service received from their lender or broker.
Nevin Van Nest . Realtor . Royal LePage Foothills . Calgary Real Estate Resource Centre