Saturday, July 22, 2017 06:58

2011 CMHC Consumer Survey Notables

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CMHC – Canada’s National housing authority just released their 2011 Mortgage Consumer Survey.

One very important statistic for us at MyNewMortgage.ca is the statistic that 48% of first Time Homebuyers are arranging their mortgage through a mortgage Broker.

When compared to the monopoly that Canadian Banks possess it is a very huge market share and speaks to the advice and trust that Brokers have.

Beyond that, the survey spoke a lot to the ever increasing trend of online research and applications for mortgage consumers.

It provided a lot of information on the utilization of the internet and online resources for home buyers.

 

 

Here are some of the notable details:

 

 

1 in 5 consumers relied entirely on online resources to obtain their mortgage, while 35% did not use any online resources

Of the consumers who admitted to going online to research their mortgage options about half of them used a search engine.

 

85% of consumers who used a search engine searched for Interest Rates, 72% searched for mortgage options and 66% searched for online calculators.

Notably, 11% of first time buyers admitted to using Social Media platforms to research their mortgage options

Out of all Canadians who used online resources 75% of them used an online mortgage calculator

The study also found some good news in the repayment of Canadian’s mortgages.

39% of recent buyers have their mortgage payment set higher than the required amount

75% of Canadians polled feel it is very important to pay off their mortgage as soon as possible,