According to The Annual State of the Mortgage Market in Canada Year End 2019 from Mortgage Professionals Canada:
- 88% of Canadian homeowners have equity ratios of 25% or higher.
- Yet in 2019, only 6% of all homeowners took out equity from their homes.
- Takeout was most frequent by homeowners who purchased their homes between 2005 and 2009, and the average amount used was $72,000.
- The most popular uses were for renovations or home repair and debt consolidation or repayment.
With the COVID-19 economic crisis, your clients may have equity opportunities they did not have before. If they have been struggling financially, they may need their equity for relief.
Conversely, if they have been saving, their equity could help them achieve long-awaited goals, such as a dream home renovation.
In either case, you need to know their available equity and quickly.
On the Purview blog, we are showing how to access equity estimates online from anywhere at any time.
Read it here: https://www.purview.ca/estimating-equity-online/