Canada Mortgage and Housing Corporation’s 2016 Mortgage Consumer Survey has been released.
It finds that 62-percent of those surveyed had undergone a mortgage renewal, 18-percent had refinanced their mortgage, and 20-percent had bought a home with mortgage financing.
When it comes to first-time home buyers they’re most likely to turn to a family member or a real estate agent to consult with, but when it comes to the actual decision making it is family that tends to have the greatest influence. It also finds that almost half of first-time home buyers brought up having concerns during the process of buying the home.
Of those people 59-percent pointed to unforeseen costs while 58-percent pointed to paying too much for their home. According to the survey 39-percent of first-time buyers did actually have unexpected expenses during the process of buying a home. The most common were immediate repairs, adjustments and lawyer fees.
As well, the use of social media by consumers to find mortgage information is on a sharp upswing according to the survey. It has jumped to 29-percent this year as compared to 20-percent last year and Facebook is the most popular social media platform. It’s higher among mortgage consumers under the age of 35 and higher among those with a university or post-graduate education.
72-percent of consumers looked online to find information on mortgage options and features.
