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CMP Survey Tells How 2000 Canadians Feel About Their Mortgage Experience
A new survey for Canadian Mortgage Professionals is out. Bond Brand Loyalty asked 2,000 Canadian homeowners about their mortgage experience.
65% of customers who used a broker got more than one quote compared to just 47% of bank customers
35% of customers say they used a broker to get multiple quotes, 65% say they used a broker to get the best interest rate
Significantly, about a third of respondents say they used a broker to explain the process or to do research
Its telling that 45% of broker customers say they are very satisfied with their experience, compared to 39% for banks.
What customers say about themselves:
Just 4% of borrowers say they definitely regret the size of their mortgage. A mere 3% say they are very comfortable with their loan-to-value ratio.
Approximately 20% say they will defer retirement due to mortgage debt
45% say they needed outside help to make their down payment, but about 7 in 10 say they could manage a down payment even if Ottawa pushed the equity rate to 10%
Employment continues to rebound in July
From February to April, 5.5 million Canadian workers were affected by the COVID-19 economic shutdown. This included a drop in employment of 3.0 million and a COVID-related increase in absences from work of 2.5 million.
Employment rose by 419,000 (+2.4%) in July, compared with 953,000 (+5.8%) in June. Combined with gains of 290,000 in May, this brought employment to within 1.3 million (-7.0%) of its pre-COVID February level.
The number of Canadians who were employed but worked less than half their usual hours for reasons likely related to COVID-19 dropped by 412,000 (-18.8%) in July. Combined with declines recorded in May and June, this left COVID-related absences from work at just under 1 million (+972,000; +120.3%) above February levels.
By the week of July 12 to July 18, the total number of affected workers stood at 2.3 million, a reduction since April of 58.0%.
Canadian home sales and new listings up again in June
Home sales recorded over Canadian MLS Systems in June 2020 rebounded by a further 63%, returning them to normal levels for the month some 150% above where they were in April.
Transactions were once again up on a m-o-m basis across the country. Among Canadas largest markets, sales rose 83.8% in the Greater Toronto Area (GTA), 75.1% in Montreal, 60.3% in Greater Vancouver, 99.7% in the Fraser Valley, 54.9% in Calgary, 59% in Edmonton, 22.5% in Winnipeg, 34.8% in Hamilton-Burlington, 67.9% in London and St. Thomas, 55.6% in Ottawa and 43.6% in Quebec City.
Actual (not seasonally adjusted) sales activity posted a 15.2% y-o-y gain in June.
REALTORS across Canada are increasingly seeing business pick back up, stated Costa Poulopoulos, Chair of CREA. With sellers and buyers returning to the market, we continue to make sure clients stay safe by complying with government and health officials directives and advice, increasingly using technology to list and show properties virtually while providing secure methods to complete required forms and contracts. As always, but maybe now more than ever, REALTORS remain the best source for information and guidance when negotiating the sale or purchase of a home, continued Poulopoulos.