Over the last 15 years, the volume of outstanding residential mortgages has expanded by 194 per cent, or a growth rate of 7.5 per cent per year, according to the report.
In 2009, approvals of residential mortgages in Alberta was almost $37.5 billion, up seven per cent from the previous year, representing 15.2 per cent of all approvals in the country.
"Growth (in Canada) was especially rapid during 2004 to 2008, exceeding 10 per cent per year, but has eased to 7.6 per cent ($71 billion) in the most recent 12-month period," said the report.
The report also said the vast majority of Canadians with mortgages are able to afford at least a $300 increase in their monthly mortgage payments. One in three (35 per cent) mortgage holders have either increased their payments or made a lump-sum payment on their mortgage in the last year.
And 89 per cent of Canadian homeowners have at least 10 per cent equity in their homes and 80 per cent have more than 20 per cent equity.
Overall home equity is at 72 per cent of the total value of housing in Canada. For homeowners who have mortgages, equity level averages 50 per cent.
source: www.calgaryherald.com
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