HOME RATES ABOUT SERVICES VIDEOS BLOG CONTACT ME TEAM
AGENT LICENSE ID
M08000065
BROKERAGE LICENSE ID
#10280
Wally Donohue Mortgage Broker

Wally Donohue

Mortgage Broker


Address:
775 Blackburn Mews West, Kingston, Ontario

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

Wally Donohue

CMHC’s 2017 Mortgage Consumer Survey

6/8/2017

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 this survey since 1999. It is the largest and most comprehensive survey of its kind in Canada.

The Home Buying Process

  • Sixty-four percent of First-Time Buyers indicated they were renting before purchasing, and 34% lived with family.

  • Wanting to buy their first home (37%) and feeling financially ready (31%) were the most important reasons First-Time Buyers gave for purchasing a home in the past year. Low interest rates was the most important reason noted by Repeat Buyers at 33%.

  • Fifty-three percent of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision. For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a dfferent location, and 3% delayed their purchase.

  • Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent reported interacting with a mortgage broker. Of all interactions, real estate agents were noted as most valuable.

  • Seventy-one percent of First-Time Buyers accessed savings for their down payment, while 18% received a gift from a family member.

Click here to read more....

The home buying process

MY LENDERS

TD Bank Scotia Bank First National B2B Bank Home Trust
MCAP Merix Industrial Alliance Optimum Canadiana Financial
Equitable Bank ICICI Bank Fisgard Capital  RMG Mortgages Street Capital