A growing residential mortgage market in 2003 will surpass $517 billion in mortgage credit, reports a senior economist with Canada Mortgage and Housing Corp.

“A combination of continued economic growth and job creation, positive demographic factors and low mortgage rates will sustain demand for homeownership in new and resale housing markets, said Ali Manoucherhi of CMHC. “This will lead to a 6% to 8% annual growth in residential mortgage credit in 2003.”

The report is published in the latest issue of CMHC Mortgage Market Trends.

Another article in the current issue talks about the fact that more than 144,000 individuals participated in the Home Buyers’ Plan in 2001 by withdrawing over $1.5 billion from their RRSP to purchase a home

“Nearly 1.2 million individuals have benefited from the program since 1992, withdrawing over $12 billion from their RRSP’s to purchase homes over the same period,” says Manoucherhi.

“Over the past 10 years, Ontario and Quebec respectively accounted for approximately 40% and 30% of program participation and funds withdrawn.”