Statistics released by one of the industry’s leading consumer-facing mortgage website reveal buyer sentiments about the industry now and in the future.
In its 2014 Mortgage Trends in Canada: A Year in Review
, RateSuperMarket.ca has assembled a number of key statistics that will help brokers better understand mortgage consumer habits.
Unsurprisingly, the study revealed that the lowest rate is still a top priority for mortgage holders, with 72.8 per cent saying it is the best feature. Prepayment options came in second (15 per cent), trailed by a long rate hold (8.4 per cent), and high-ratio availability (0.93 per cent).
In a bit of good news for brokers, a mere 2.8 per cent list products offered by a big bank as the best feature about a mortgage.
The data was collected from RatePulse, RateSupermarket.ca’s monthly data digest, as well as from poll results on Canadian mortgage sentiment.
The stats review also reveals consumer predictions for rates in the year ahead.
33.6 per cent are unsure if rates will increase or decrease, 33.6 per cent believe they will rise and 32.7 per cent believe they will drop.
And when it comes to variable mortgage rates, 34.5 per cent are unsure whether or not they will go up or down, 35.1 per cent believe will rise and 29.9 per cent believe they will drop.
To read the entire review, click here