Most Homebuyers in Canada Continue to See the Purchase of a Property as a Good Long-Term Investment
According to an online survey conducted by the Canada Mortgage and Housing Corporation (CMHC), 86 per cent of recent homebuyers in Canada agree that homeownership is a good long-term investment. The survey results also indicate that 88 per cent of buyers have a good understanding of how much mortgage they can afford before buying their property and 39 per cent have their mortgage payment set higher than the minimum required. In addition, the survey shows that the mortgage broker market share among first-time buyers and more experienced buyers has remained stable over the past year at 39 per cent. Finally, social media are starting to become an important source of information: in total, 11 per cent of respondents reporting using social media to research mortgages, compared to 3 per cent in 2010. The survey was conducted from February 25 to March 25, 2011, among 3,512 recent borrowers.