CMHC Survey Provides Insight Into Mortgage Consumers

OTTAWA, ONTARIO--(Marketwired - June 7, 2016) - Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey. The largest and most comprehensive survey of its kind provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.

"Understanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals to provide better service and improve the overall customer experience" said Nathalie Fredette, Vice-President, Client Relationship Management.

Survey Highlights

• Mortgage consumers are increasingly going mobile and turning to social media to gather mortgage information
• The use of social media to gather mortgage information is highest among first-time buyers and with consumers using a broker to arrange their mortgage
• Consumers receiving advice on long-term mortgage strategies were almost two times more likely to totally agree they will recommend their mortgage professional to family and friends
• First time homebuyers are most likely to seek advice from family members and real estate agents
• Unforeseen costs are the most common cause for concern among first-time homebuyers

Additional findings are available in the complete Mortgage Consumer Survey.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for almost 70 years.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

BACKGROUNDER

Survey Methodology

In March 2016, CMHC completed an online survey of 3,006 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-two percent had undergone a mortgage renewal, 18% 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.