CMHC details buyer trends

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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.

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