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.