Earlier this year, CMHC conducted an online survey of over 2,500 recent mortgage consumers and the results were surprising.
It found that internet usage is a vital tool for mortgage shoppers, with 9 out of 10 first-time buyers relying on the internet to research mortgages.
Below are other key findings of the report:
* 88 per cent of renewers stayed with their current lender when renewing. (Many of them simply signed their renewal letter without shopping around-the cardinal sin of mortgages.)
* 70 per cent of refinancers stayed with their current lender when refinancing.
* 58 per cent of repeat buyers stayed with the same lender when obtaining their new mortgage.
* 46 per cent of first-time buyers got their mortgage with a financial institution they already did business with.
Mortgage Broker Market Share
* 45 per cent of first-time buyers used a mortgage broker.
* 33 per cent of repeat buyers used a mortgage broker.
* 23 per cent of refinancers used a mortgage broker.
* 13 per centof renewers used a mortgage broker.
* 77 per cent agree that now is a good time to purchase a home.
* 70 per cent of recent homebuyers spent at least six months planning their home purchase.
* 81 per cent of homebuyers are comfortable with their current level of mortgage debt.
* 71 per cent of first-time buyers used their own resources for their down payment.
* 27 per cent of recent homebuyers have made a lump-sum pre-payment or increased their regular payment since taking out their mortgage.
* 4 out of 5 mortgage holders have 25-year amortization or less.