CMHC ( Canadian Mortgage & Housing Corporation) have just released their Mortgage Consumer Survey. This survey shares some key facts regarding Canadians home refinance intentions.
The main reason that 15% of Canadian homeowners refinanced their homes was to consolidate debt.
That said, 69% say they are comfortable with their current level of mortgage debt and 63% said that, if they run into financial problems, they have other assets they can tap to meet their needs.
More Refinance Facts
24% are Generation Xers (35 – 44 years old) and 35% are baby boomers (55+ years old)
54% are married
61% are employed full time, 7% are self-employed and 17% are retired
Refinancers, along with repeat buyers, represent the highest proportion of self-employed mortgage consumers
72% own a single-detached home
23% have a household income of $60,000 – $90,000