Home Financing - Canada - June 2019
Covered in this report
- Home Equity Line of Credit (HELOC): a line of credit (LOC) secured by property offered as collateral against the debt. This usually allows the borrower to have access to a higher limit and a lower interest rate than would be offered by a LOC that is not backed by a real estate asset
- Reverse mortgage: a loan that is designed for homeowners 55 years of age and older that is secured by the equity in the home, allowing homeowners to obtain cash without having to sell their home
- Home equity loan: also known as second mortgage is another loan taken against a property that is already mortgaged.
- Shared Equity Mortgage (SEM): a financing arrangement wherein another buyer helps shoulder the cost of buying a home by contributing money to the down payment. In exchange, that buyer shares in the home’s equity
“Mortgage payments are significantly impacting the lifestyle of around half of younger mortgage holders, as housing affordability becomes a national concern.”
– Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following areas:
- Around half of homeowners have a current mortgage
- Around three in four make timely mortgage payments
- Most would recommend their lender
- Around two in five renters view it as a lifestyle choice
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