Mortgage Statistics Canada1

Size of Canadian Residential Mortgage Market

2012 2011 2010 2009 2008 2007 2006
Outstanding Residential Mortgage Credit in Canada $1,190B $1,079B $1,010B $940B $664B $787B $687B
Average mortgage size $146K $131K $127K $164K $127K

Mortgage Activity in the last 12 months

2012 2011 2010 2009 2008 2007 2006
New mortgage on a new property 7% 9% 5% N/A 6% 11% N/A
New mortgage on an existing property 1% N/A 1% 6% N/A
Mortgage Renewal 8% 16% N/A 15% 14% N/A
Mortgage Refinance 15% 8% N/A 6% 4% N/A
Renewal or refinance 11%
Total 18% 32% 31% 27% 29% 34% 31%

Canadian mortgages by Type

2012 2011 2010 2009 2008 2007 2006
% of fixed mortgages 65% 60% 66% 68% 66% 72% 66%
% of variable mortgages 28% 31% 29% 27% 27% 21% 22%
% of combination 7% 9% 4% 6% 7% 7% 11%
Total (sums may be off due to rounding) 100% 100% 100% 100% 100% 100% 100%

Canadian Mortgages by Term

2012 2011 2010 2009 2008 2007 2006
1 year or less N/A N/A 6% 10% 9% 12% 10%
1-2 years N/A N/A 7% 5% 5% 9% 7%
2-3 years N/A N/A 7% 7% 10% 11% 11%
3-4 years N/A N/A 6% 5% 5% 7% 7%
4-5 years N/A N/A 66% 62% 61% 52% 51%
5-10 years N/A N/A 7% 8% 7% 8% 12%
More than 10 years N/A N/A 1% 4% 3% 1% 1%
Total N/A N/A 100% 100% 100% 100% 100%

Canadian Mortgages by amortization period

2012 2011 2010 2009 2008 2007 2006
More than 25 years 22% 22% 18% 16% 9% N/A
Including
30 years 14% 9% 8% 7% 5% 5% N/A
35 years 6% 8% 8% 6% 4% 2% N/A
40 years 1% 5% 6% 4% 6% 2% N/A

Percent of Mortgage holders who use pre-payment options

2012 2011 2010 2009 2008 2007 2006
Increase monthly payment 16% 16% 16% N/A N/A N/A N/A
Use lump sum option 15% 17% 12% N/A N/A N/A N/A
Increased frequency of payment 6% 5%
Increase monthly payment and make lump sum 7% N/A N/A N/A N/A
Completed more than one activity (-5%) (-6%)
Total 32% 32% 35% N/A N/A N/A N/A

References and Notes

  1. CAAMP Annual State of the Residential Mortgage Market 2006-2011