Québec, February 2, 2016 – On average, Québec families who own their home made a down payment equivalent to 29% of the price of their residence, resulting in a mortgage balance of about $130,000. Families who had to take out a mortgage pay off their loan in about 25 years. High-income families ($125,000 or more) tend to pay off their mortgages faster.
Mortgage refinancing widely used by owner families
Nearly one out of four owner families in Québec have a mortgage balance that is higher than their initial mortgage loan. This means that a significant proportion of owners take advantage of their home’s equity to refinance their mortgage. Owner families whose major income recipient is under the age of 55 are more likely to renegotiate their mortgages.
Not only do owner households have a higher income than renter households, they also spend a smaller proportion of their income on housing costs
The article entitled “Le revenu des ménages propriétaires et locataires” reveals that between 2002 and 2011, after-tax income in constant dollars rose from $63,000 to $70,000 among owner households, and from $35,000 to $38,000 among renter households. Although in both cases the increase was around 10%, there remains a difference of about $30,000 in favour of owners. In addition, over that period, owners spent a significantly lower share of their income on housing costs: 20% on average versus 30% for renters.
These results come from articles published today in the bulletin Données sociodémographiques en bref, based on data from Statistics Canada’s Survey of Financial Security and Survey of Labour and Income Dynamics.
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