Written by  Omid Jalili

It might seem like a bit of an overstatement but there’s more conclusive proof of what many of us have known for quite some time, that Canadians are financially aware and educated when it comes to their mortgages.

The most recent report from The Canadian Association of Accredited Mortgage Professionals (CAAMP) also  attests to our good relative fortunes with several noteworthy highlights. For example, Canadians are generally in good shape when it comes to their mortgages and they can even withstand the ill effects of another economic downturn if there’s one on the horizon.  Now that might not seem to be such an interesting note until you read that the latest numbers are saying 84% of Canadians could actually withstand a jump in their mortgage of $200 per month.

Remember here that the kind of fiscal prudence that we’re showing now as a nation has a historical precedence that leaves us in such good standing. According to more stats from “Mortgage Insights” that deals with CAAMP’s fall research, many Canadians pay their homes off sooner than the amortization period calls for. The average mortgage here in Canada is in fact paid off seven years sooner than the end of the amortization period calls for. Those trends are continuing in these hard economic times with 36% more mortgage holders making accelerated payments than withdrawing money from their mortgage.

It’s clear by these numbers that Canadians are cautious in these economic times and they are turning to mortgage brokers for trusted advice on how to proceed even with low interest rates. Remember that 38% of people with a mortgage have considered refinancing in the last year to take advantage of these rates.