Canadian homeowners financially fit

Thursday, 22 July 2010

Canadian homeowners appear to be more financially fit than others in Canada, as 65 per cent pay off their credit balances each month compared to 48 per cent of non-homeowners.

A quarter of the homeowners with mortgages have also made a lump sum payment or accelerated their mortgage payments in the past year, according to a survey sponsored by Genworth Financial Canada.

Forty-four per cent of homeowners paid all their bills and saved money in the past year, suggesting a strong correlation between homeownership and financial fitness.

"Homeownership is an achievable goal for those who are prepared," said Peter Vukanovich, president and chief operating officer of Genworth. "Homeownership helps people focus on their financial situation and get their fiscal house in order."

The survey was conducted in partnership with the Canadian Association of Credit Counselling Services (CACCS).

"A mortgage is easier to manage when people have good personal finance skills," said Henrietta Ross, CEO of CACCS.

The survey also found:
- 49 per cent of homeowners made down payments of 20 per cent or more on their purchase
- 13 per cent of homeowners say they are in great financial shape
- 12 per cent of homeowners said they have requested a credit report in the past 12 months.

-Taken from mortgagebrokernews.ca