Earlier this week I had the opportunity in attending the 2010 CMHC Spring Update in Vancouver. In this informative session representatives from CMHC discussed the results of the CMHC 2010 Consumer Mortgage Survey.
CMHC has conducted this survey since 1999 and this year from February 11th to 28th 2010, CMHC completed an on-line survey of 2,503 recent mortgage consumers — all prime decision-makers — and the result is a unique perspective on attitudes and behaviours.
Here are the key findings:
The Internet, An Important Tool for Mortgage Consumers
A significant proportion of consumers seek information on mortgage options prior to making a purchase decision and the Internet is becoming a prevalent source of information, according to the survey. 69% of first-time buyers used an online mortgage calculator to help them decide on their mortgage options.
Be sure to visit my mortgage calculator page which also includes household budget and closing cost spreadsheets.
First-Time Buyers Get Informed on Mortgage Options
Survey results show that first-time buyers are educating themselves on various mortgage options prior to obtaining a mortgage. A large proportion research terms and conditions (84%), compare the costs of different interest rate scenarios (71%), and check for competitive interest rates (65%).
48% consult with mortgage brokers. First-time buyers also report that mortgage brokers are more influential to their mortgage decision than several other third parties.
Mortgage Broker Share is Stable
Mortgage brokers continue to have higher usage among first-time buyers (45%) and repeat buyers (33%) compared to the refinancing and renewer segments, which have been relatively stable since 2006 at about 23% and 13% respectively.
Mortgage broker market share is also strongest in Western Canada where 53% of buyers in British Columbia used a broker to arrange their mortgage.
Mortgage Consumers are Confident with Homeownership
Survey results also show that consumers are confident about their mortgage debt, with 81% of homebuyers indicating that they are quite comfortable with their current level of mortgage debt.
92% of recent homebuyers agree that homeownership is a good long-term investment and 77% agree that now is a good time to purchase a home.
For more information or to discuss your mortgage options please contact me directly for a no obligation consultation.