Interesting insights revealed from CMHC’s annual survey
The Canadian Mortgage and Housing Corporation (CMHC) recently released the findings from their 2015 Mortgage Consumer Survey. The survey provides very interesting insights on mortgage consumer trends on Canadians and how they go about obtaining and refinancing a mortgage
Perhaps the most comprehensive study of its kind in Canada, the Mortgage Consumer Survey asked 3,510 recent mortgage consumers, all primary household decision-makers who had undertaken a mortgage transaction in the past 12 months a series of questions. Of those surveyed, 58% had undergone a mortgage renewal, 20% had refinanced their mortgage, and 22% purchase a home with mortgage financing.
The survey provides some key insights on how mortgage consumers decide on the best options for them. It is clear that technology, notably the internet, is perhaps the largest tool used in researching options and rates.
Also, it is clear that more and more Canadians are opting to use the services of a mortgage broker when obtaining a mortgage or refinancing. In one of our previous blogs, "What is a Mortgage Broker and how can they help me" we highlight the benefits of using a broker. It is clear many Canadians are well aware of the benefits and opting for the tailored services that brokers can provide (according to the survey, 55% of first-time buyers used a broker).
More and more Canadians are opting to use a mortgage broker:
Mortgage broker market share among repeat buyers has increased from 32% in 2013 to 42% in 2015
Mortgage broker market share among first-time buyers has increased from 48% in 2014 to 55% in 2015
72% of broker clients said they would likely use their broker again in the future
73% said they would likely recommend their broker to family for friends
79% of homebuyers were satisfied with their experience using a broker
Some other interesting findings include:
Mortgage consumers are increasingly tech savvy:
78% of mortgage consumers researched online
70% used an online mortgage calculator
20% used social media 72% of broker clients said they would likely use their broker again in the future (among those, 22% used a mortgage-related app)
Loyalty is king:
Trends in renewals:
For more results and details from the 2015 CMHC Mortage Consumer Survey, please visit https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/sure/mocosu/index.cfm.