Lots of interesting tidbits in there, but I’m always fascinated at the rate of equity extraction. In 2015, 850,000 mortgage holders took out an average of $70,000 each. In other words people extracted $59.5 billion out of their homes, or some 3% of our entire GDP. Of course some 1,000,000 people also made lump sum payments on their mortgage, but only an average of $15,300, or $15 billion total.
So it seems like as a nation we are sucking more equity out of our homes than we are putting in, or at least not really making much progress paying down the mortgages on our increasingly expensive houses. When the market inevitably stalls out, I wonder if our economy will notice the missing billions?
Another puzzling statistic: First time buyers continue to put down an average of over 20%. The start of the generational wealth transfer out to save the millennials from CMHC? Of course apparently a quarter of those down payments are actually borrowed, so should that even qualify as a down payment?