Mortgage News
CTV News - Mortgage Minute
Ottawa Mortgage Broker Frank Napolitano sits with Kurt Stoodley to talk about how Canadians are using the equity in their homes.
Published
Click here for the video from CTV Ottawa Morning Live.
On this week's Mortgage Minute, Ottawa Mortgage Broker Frank Napolitano shares statistics from his recent visit to Vancouver for the annual mortgage conference. These statistics are a breath of fresh air, in the wake of a rush of negative headlines surrounding Canadian debt loads.
Some of the highlights Frank shares:
- The total average equity of all the homes in Canada is currently sitting at 70%.
- In 2011, 25% of all refinancing was done to consolidate higher interest debt.
- 28% was used towards home renovations to increase property value.
- 22% was used to purchase an investment property, or help pay a child's tuition.
- 18% was used to purchase investments.