Low interest rates and solid economic conditions have first time homebuyers entering the Canadian housing market in "substantial' numbers, says the Canadian Association of Accredited Mortgage Professionals (CAAMP).
CAAMP also reports that more than 80 per cent of homeowners in Canada have 25 per cent or more equity in their homes.
The report said new homeowners say they feel "confident they can weather a downturn in the housing market and they consider mortgage debt to be good debt. Their attitudes are the same whether they live in Toronto, Calgary or Vancouver where prices continue to rise, or in areas where home prices are stabilizing".
"From the consumer perspective we have a picture of a very confident, healthy mortgage market," said Jim Murphy, president and chief executive of the organization.
Source: Calgary Herald, Saturday, May 31, 2014