New poll notes rising number of buyers using different lenders from their main bank
More than half of millennial first time homebuyers that took part in a recent survey said that they prefer to work with mortgage specialists at a bank.
The study, conducted by Environics Research on behalf of mortgage insurance firm Sagen MI, carried out 1,856 interviews with Canadians aged 25 to 40 who either purchased their first home within the prior two years or plan to in the next two years.
Read more: What do homebuyers prefer – banks or mortgage brokers?
And according to the survey, 62% of buyers and 59% of intenders said their preference is to work with mortgage professionals at a bank or credit union.
The study noted a rising proportion of buyers who used a different lender than their main financial institution, with 55% of respondents saying they used a different lender than their main bank in 2020, compared to 54% in 2019.
The study also found that the millennial share of homeownership had risen substantially despite uncertainty from the COVID-19 pandemic – with 53% of buyers purchasing their home over the last 12 months. Meanwhile, 63% of intenders plan to buy in the next 24 months.
“Canadians and Canadian homeowners are now showing their strongest financial fitness to-date,” Environics Research said in its report. “COVID-19 has impacted many buyers and intenders, with some saying it helped them save and buy their home sooner than expected. Compared to recent buyers, intenders anticipate paying higher prices and are more likely to want a detached home and see their first home as a permanent home rather than a starter home.”
