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Red Lake Mortgage Information

Average Mortgage Loan in Red Lake: $129,909

How Red Lake Ranks in Ontario for Mortgage Business

The following table lists how Red Lake ranks for mortgage applications sent to our website. The data collected is over a 7-year time frame. A location has to have a minimum of three applications to make the list. To find more information, simply click on a location.

RankLocation Contribution
236WAHNAPITAE, ON 0.022%
237SEELEYS BAY, ON 0.022%
238STIRLING, ON 0.022%
239BRIGHT'S GROVE, ON 0.022%
240TWEED, ON 0.022%
241RED LAKE, ON 0.022%
242COBALT, ON 0.022%
243CASSELMAN, ON 0.022%
244PARKHILL, ON 0.022%
245CHESLEY, ON 0.022%
246UNIONVILLE, ON 0.022%

Types of Mortgage Inquiries Received from Red Lake


Type of Mortgage Application Form Selected  Percentage
of Inquiries
New Home Purchase: 38.5%
First-time Home Buyer: 30.8%
Mortgage Renewal: 7.7%
Refinance / Debt Consolidation: 7.7%
Mortgage Pre-approval: 7.7%
HELOC: 7.7%
 
Total Application Types Found: 6

Age Demographics for Red Lake Mortgages

Average age: 36
Oldest age: 52
Youngest age: 22


Incomes for Red Lake Mortgages

The figures below represent the average income of Canadians living in Red Lake who have applied for a home loan using the pre-approval application on the Mortgage Super Brokers' web site.

Average annual gross income for
mortgage applicants in Red Lake: $94,454.55
applicants within all of Canada: $60,852.54
Difference: $33,602.00
  
mortgage co-applicants in Red Lake: $35,750.00
co-applicants within all of Canada: $43,965.51
Difference: ($8,215.51)

Since the average income of Red Lake is much higher than our national average, we have included the MEDIAN annual gross income for this location. A reason for such a high average is usually due to a high income that is just under our cut-off of acceptable incomes of <$500,000. In rare cases, some applicants may have entered an extra digit (ie. 400000 instead of 40000), which will also sway the averages in smaller areas. In such a case, we will correct the data accordingly.

Median annual gross income for
mortgage applicants in Red Lake: $75,000.00
applicants within all of Canada: $60,852.54
Difference: $14,147.46

Note: Commercial loan amounts were not included for this section, only residential mortgage loan amounts from Red Lake, Ontario were used.

Nearest Settlements


1Ear Falls, Ontario


Last mortgage report update for Red Lake: Friday, July 1, 2016
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