Mortgage Professionals Canada’s Annual State of the Residential Mortgage Market in Canada report provided a detailed look at borrower behaviour and mortgage market trends in 2020.
 
The Mortgage Market:
 
  • 6.08 million: The number of homeowners with mortgages
  • 1.72 million: The number of Home Equity Line of Credit holders
 
 
Mortgage Types
 
  • 73% of mortgage holders with fixed-rate mortgages
  • Mortgages on homes purchased specifically in 2020, fixed-rate mortgages were chosen 77% of the time
 
Mortgage Sources
 
  • 55% of borrowers who took out a new mortgage in 2020 who obtained the mortgage through a Canadian bank
  • Up slightly from 54% in 2019
  • 31% of overall outstanding mortgages that were arranged by a mortgage broker this rises to 40% for mortgages obtained in 2020
  • 9% of borrowers who obtained their mortgage through a credit union