September 10th - 2010

MARKET WATCH: Homeowners are more financially fit

Homeowners are in the best shape when it comes to financial fitness in Canada. Sixty five per cent of homeowners pay off their credit card balances each month, vs. 48 per cent of non-homeowners.

Homeowners are in the best shape when it comes to financial fitness in Canada. Sixty five per cent of homeowners pay off their credit card balances each month, vs. 48 per cent of non-homeowners. Furthermore, a quarter of those homeowners with mortgages have managed to make a lump sum payment or accelerate their mortgage payments in the past year, according to a survey sponsored by Genworth Financial Mortgage Insurance Company Canada. Almost half (44 per cent) of homeowners were able to pay all of their bills and save some money in the past year suggesting a strong correlation between homeownership and financial fitness. The Financial Fitness survey was conducted in conjunction with the Canadian Association of Credit Counselling Services.

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

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