
If anyone was wondering about the state of real estate today, the answer may very well be found in a recent consumer survey by Canadian Mortgage and Housing Corporation. The survey, released in early June, provides the most positive outlook we’ve seen in months.
The CMHC’s survey indicates that 90 per cent of recent home purchasers across 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 buy.
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 practices. That means most people have peace of mind that they can obtain a mortgage with the confidence that they will not be over extended – an important consideration given the recent economic climate.
The survey shows that recent purchasers are prudent mortgage managers. According to the survey, 75 per cent of respondents have a goal to be mortgage free sooner than their original amortization. In fact, according to CHMC, 20 per cent of recent home purchasers report having made a lump sum payment to their mortgage.
According to Diane Finley, Minister of Human Resources and Skills Development Canada and the Minister responsible for CMHC, “CMHC’s 2009 mortgage consumer survey results … indicate that Canadians feel positive about Canada’s housing market. As well, Canada’s Economic Action Plan’s home purchase and renovation incentives, and CMHC’s recent outreach campaign to help Canadians who may be facing difficulties with their mortgage payment, are clear actions to support homeowners and the housing market.”
Existing government incentives coupled with low mortgage rates make this an ideal time to jump into the housing market either as a first-time buyer, as a move-up buyer or to downsize. Your dream home may never be as attainable as it is today.
Dan Cooper is an award winning Broker with Royal LePage Real Estate Services Ltd., Brokerage. He can be reached at 905.338.3737 or direct line at 905.849.3303. For more information about Dan and his team please see his innovative website DanCooperTV.com, or be sure to catch the Dan Cooper Real Estate Education Series on DailyWebTV.com. For a free copy of his Guide to Oakville Real Estate or his booklet How To Sell Your House For Top Dollar, please call the Dan Cooper office.


