CMHC Survey Provides Insight Into Mortgage Consumers
OTTAWA, ONTARIO--(Marketwired - June 6, 2017) - Canada Mortgage and Housing Corporation (CMHC) released today 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.
CMHC helps Canadians meet their housing needs. As Canada's authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer objective housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.
In March 2017, CMHC completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers).
CMHC has conducted the survey annually since 1999.
The Marcus Corporation today reported results for the first quarter fiscal 2024 ended March 28, 2024.
"Marcus Hotels & Resorts led our results for the quarter as our group business continued to grow significantly. As we head into the summer travel...
Stagwell , the challenger network built to transform marketing, has acquired Montreal-based Luxine Relations Publiques, a full-service PR and Influencer Marketing agency. Luxine joins Veritas Communications (Veritas) as the next step in its...
Aikido, the "no BS" security platform for developers and SMEs, has raised $17M in Series A funding led by Singular.vc, with participation from Notion Capital and Connect Ventures. The round comes just 6 months after Aikido's $5.3M seed funding,...
XPEL, Inc. (the "Company"), a global provider of protective films and coatings, announced consolidated results1 for the first quarter and year ended March 31, 2024.
First Quarter 2024 Overview:
Revenue increased 5.0% to $90.1 million compared...
VIP Software, the leading loss cost and vendor management platform for insurers and service providers, announced today its expanded partnership with Wardlaw Claims Services, a top service provider in the industry.
Revolutionizing vendor management...
World Acceptance Corporation today reported financial results for its fourth quarter of fiscal 2024 and twelve months ended March 31, 2024.
Fourth fiscal quarter highlights
During its fourth fiscal quarter, World Acceptance Corporation continued...