“CMHC’s mortgage consumer survey provides valuable information around the habits of active Canadian mortgage consumers,” Nathalie Fredette, Vice-President, Client Relationship Management said in an official release.
“These insights allow mortgage professionals to better understand their customers resulting in a better mortgage experience.”
The Crown Corporation conducted a survey of 3,510 mortgage consumers in March – all of whom had attained a mortgage within the prior 12 months.
Of those surveyed 58 per cent had taken out a renewal, 20 per cent had refinanced, and 22 per cent purchased with a mortgage.
The CMHC delved deeper into buyer trends and revealed the importance of the internet to homebuyers and, of course, for mortgage brokers.
Online research is the most popular method homebuyers gather mortgage information, with 78 per cent of consumers searching online prior to attaining a mortgage. And that number will rise as more Millenials enter the housing market.
Of those who used the internet for mortgage info, 56 per cent accessed lender websites; 24 per cent visited broker websites; and 15 per cent used both.
Social media continues to be another great platform for brokers to reach potential clients, with 20 per cent searching for mortgage info through those channels.
Facebook (53 per cent) continues to be the preferred social media method for consumers, followed by blogs (27 per cent), forums (26 per cent).
The platforms rated the most useful by consumers are online forums (40 per cent), LinkedIn (37 per cent), and YouTube (36 per cent).
CMHC released the results of a comprehensive survey on consumer mortgage trends Thursday, and it points to the growing importance for broker online visibility.