CMHC details buyer trends

The Canada Mortgage and Housing Corporation (CMHC) completed an online survey of 3,584 recent mortgage consumers to determine current trends, some of which may surprise brokers and make them re-think how they market to home buyers.

The information was published in one handy infographic which outlined some of the buying habits of home buyers. A snapshot of some of the more interesting stats includes:

• 78 per cent of homebuyers research mortgages online, with lenders sites being the number one destination (60 per cent)
• 73 per cent use a mortgage calculator
• 22 per cent us social media to research mortgages
• 41 per cent contacted at least one broker; the average number of brokers contacted was two
• Brokers presented, on average, 2.4 offers to clients
• 67 per cent of clients received a recommendation from their broker and 89 per cent accepted the recommendation
• 74 per cent were “generally satisfied” with their broker experience
• Rate reigns supreme: 59 per cent of customers switched lenders because they found a better rate and 58 per cent stayed with their current lender because they offered a better interest rate
• 39 per cent used a mobile mortgage specialist
• Brokers drop the ball following a deal: Only 51 per cent of brokers contacted their clients following a transaction

To view the infographic and read the rest of the data, click here.