Friday, 30 May 2014

Almost two-thirds of typically insured homeowners have a downpayment of less than 10%

CMHC decision to disclose more mortgage data wins applause

 
"almost two-thirds of typically insured homeowners have a downpayment of less than 10%."

“Someone with only 5% down would be left with 88% loan to value after five years of regular mortgage payments,” Mr. McLister said. “With a correction over 10%, many 5%-downers would be left underwater. In other words, it would be difficult or impossible for many to sell their home and generate enough equity to pay off their mortgage, cover expenses and move.”

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