CMHC survey provides insight into mortgage consumers
Canada Mortgage and Housing Corporation (CMHC) released its annual Mortgage Consumer Survey. The largest survey of its kind, the Mortgage Consumer Survey provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.
“Relationships and referrals are a very important part of the mortgage lending industry” said Nathalie Fredette, Vice-President, Client Relationship Management. “The Survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience.”
Mortgage insurance parameter changes
- Just over half of buyers were aware of the latest mortgage qualification changes.
- About one-in-five noted that the latest mortgage qualification changes impacted their purchase decision.
First time buyers receiving down payment support
- 18% of first time buyers received a gift from a family member as part of their down payment.
- First time buyers who received a gift from family as part of their down payment were less comfortable with their current level of mortgage debt, were less likely to have other assets to supplement their needs, and were less confident about knowing where to turn in the event that they run into financial trouble.
Emerging use of technology
- Almost half of mortgage consumers agree they would feel comfortable using more technology to arrange their next mortgage transaction.
- Four in ten mortgage consumers noted they would be comfortable arranging their entire mortgage transaction using secure online tools and apps, without having to meet their mortgage professional in person. That being said, the majority of mortgage consumers agree that it is still important to meet face to face with their mortgage professional when negotiating (69%) and finalizing (70%) their mortgage.
Additional survey findings are available here.
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Canada Day - Celebrate Canada days 2017
This is an opportunity to gather in our communities, from coast to coast to coast, and to proudly celebrate all we have in common. It is an opportunity to celebrate our achievements, which were born in the audacious vision and shared values of our ancestors, and which are voiced in nearly all of the languages of the world through the contribution of New Canadians.
Canada Day is a time to celebrate the heritage passed down to us through the works of our authors, poets, artists and performers. It is a time to rejoice in the discoveries of our scientific researchers, in the success of our entrepreneurs, and to commemorate our history – a history in which each new chapter reveals itself to be more touching, more fascinating than the last.
In this momentous year marking the 150th anniversary of Confederation, our Canada Day celebrations will be bigger than ever! There will be major celebrations in 19 Canadian cities in addition to the many festivities set to take place in various communities from coast to coast. A full weekend of activities is also on the agenda in Canada’s Capital Region to celebrate Canada Day and our country’s anniversary in a spectacular way.
As we look ahead, we have every reason to show our pride in being Canadian and to face the future with confidence and enthusiasm.
www.canada.ca
Activities across Canada
Find out what activities are going on in your region and across the country:
Click here for a list of activities
Interactive Google Map
Cick here to view the google map
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