This past weekend we had the chance to attend the CAAMP conference in Vancouver. CAAMP is Canada’s national mortgage industry association and the leading provider of value, service and advocacy for mortgage professionals.
 
 
We were fortunate to see many different speakers which all provided a different outlook and value to our industry. Here are a few points we took away from the conference:
  • People have a perception that Mortgage Brokers are for people with bad credit. When really Mortgage Brokers are for everyone.
  • By 2015 interest rates are estimated to be between 2.5% – 4%.
  • In 2013, we may see a decline in housing prices. This is due to the recent mortgage rule changes. (We don’t foresee this happening in Northern B.C. to the affect that it may happen in larger cities).
  • Unsecured debt is not a problem in Canada.
We were also presented results from a recent survey conducted by Maritz. Here are some of the key points:
  • 83% of homeowners have 25% plus equity in their home.
  • 60% of consumers do not have a good or full understanding of broker’s services.
  •    5-7 years is the average amount of time that Canadians shave off their original amortization by doing things like pre-payments.
  • Funny Stat: Most people say they are comfortable about their debt levels but worry about their neighbours.
Overall we had a great time at the conference. We met many great people and saw some wonderful presenters.
 
Michelle Mohr, Amanda Lang & Jamie Cunningham