This survey offers insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.
- Mortgage consumers are increasingly going mobile (27% in 2016 vs. 17% in 2015) and turning to social media (29% in 2016 vs. 20% in 2015) to gather mortgage information
- The use of social media to gather mortgage information is highest among first-time buyers (38%) and with consumers using a broker to arrange their mortgage
- Consumers receiving advice on long-term mortgage strategies were almost two times more likely to totally agree they will recommend their mortgage professional to family and friends
- First time homebuyers are most likely to seek advice from family members and real estate agents (64% each)
- Unforeseen costs are the most common cause for concern among first-time homebuyers with 39% of all first-time buyers incurring an unexpected expense
“Understanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals to provide better service and improve the overall customer experience” said Nathalie Fredette, Vice-President, Client Relationship Management.
In March 2016, CMHC completed an online survey of 3,006 recent mortgage consumers who had undertaken a mortgage transaction in the past 12 months. Sixty-two percent had undergone a mortgage renewal, 18% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers). It is the largest and most comprehensive survey of its kind in Canada.
For more highlights on the report --> https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/sure/mocosu/