2021 Mortgage Consumer Survey Results
I love consumer survey’s! They are such excellent insight and the fact that we’ve experienced a massive home-buying boom during a pandemic … the stats are very interesting on what drove buyer’s decisions earlier this year. Between February and March 2021, CMHC contacted 3,502 recent mortgage consumers across Canada. CMHC asked housing related questions of all kinds including consumer behaviour, attitudes and expectations.
Homebuyers were asked to select their 3 main reasons for buying:
42% indicated that a home is a safe and secure investment
37% thought a home offered greater stability
34% wanted to take advantage of the low interest rates
Here’s the breakdown of what people said were the reasons for refinancing (top 3):
26% to reconcile debt
24% to fund home improvements / renovations
7% to fund financial investments
Impact of COVID-19 on mortgage consumers
25% purchased a home sooner than expected
31% were involved in a bidding war in the search for homes
46% of buyers had concerns or felt uncertainty during the home buying process
The pandemic did impact purchasing decisions
37% responded the location of the home
32% indicated the type of home
30% said the physical space/surface required
15% cited outdoor amenities
Mortgage consumers
65% of buyers paid the maximum price they could afford on the purchase of their home
43% of mortgage consumers solely researched online for information about mortgage options
84% of mortgage consumers are confident that they will be able to make future mortgage payments
61% of first-time buyers took out their current mortgage with their existing financial institution 85% of mortgage consumers agree that homeownership is a good long-term financial investment 70% of mortgage consumers plan to renovate in the next 5 years
85% felt that a mortgage broker would get them the best mortgage rate or deal
There are many more questions and some interesting responses. See the full findings at cmhc.ca/2021MCS
Candace Perko,
Mortgage Broker
