CAAMP’s Spring Mortgage Report 2012

December 3, 2012

CAAMP-Spring-SurveyFor mortgage and real estate buffs, CAAMP’s semi-annual reports are among the best of the best sources of market stats.

Dunning estimates that home purchases would drop 100,000 per year if the minimum down payment were 10% instead of 5%. He says that would trigger “less job creation…slower growth of house prices [in fact, prices might fall], reduced consumer confidence..and tighter rental markets with more rapid rates of rent increase.”

Renters and Down Payments

Reasons that tenants gave for opting to rent as opposed to owning:Real estate report

  • 52% said they have not yet saved the money needed to purchase a home
  • 33% said the cost of homeownership is prohibitive
  • % of renters with $30,000+ available for a down payment:  11%
  • Average funds that renters have available for a down payment: $21,000
  • Among mortgage holders who purchased their homes recently (2007 to the present), if it had it been mandatory to put 10% down to secure a mortgage:
    • 40% said they would have been able to make their purchase
    • 45% stated they would be unable to make the purchase
    • 14% were unsure

Kindly contact me (Elsie Tse) at 604-716-3369 or Email Me 

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