Calgary Mortgage Broker, Tim Lacroix, Explains Results Found in CMHC Survey
The mortgage broker industry has recently increased its market share per the Canada Mortgage and Housing Corporation’s (CMHC) annual mortgage survey findings. The CMHC’s consumer mortgage survey is Canada’s largest and most widespread survey that analyzes consumer behaviours, shifts in their opinions and Canadians’ expectations pertaining to the real estate mortgage market. One of Calgary’s best mortgage brokers, Tim Lacroix, explains all the findings from the recent consumer survey.
The CMHC consumer survey compiles pertinent data about Canadian consumers and their activities regarding real estate mortgages. Mortgage brokers use the data to stay knowledgeable on trends in the market and therefore better equipped to assist their clients with their mortgage needs.
Some of the additional findings from the survey are the following:
- More than half of the current mortgage consumers are mortgage renewers. Many people are currently renewing their mortgages, most likely due to the some of the lowest rates we’ve seen in Calgary and most of Canada.
- 78% of people are conducting real estate mortgage research online. The survey found that many consumers are visiting at lender and broker sites for additional information. The survey also revealed that social media forums continue to be another viable resource for consumers.
- The mortgage broker market has grown from 48% in 2012 to 55% in 2015 for first time homebuyers. The market has also increased from 27% to 33% for mortgage refinancers during the same period.
- The survey demonstrated that 79% of recent homebuyers were satisfied with their mortgage broker experience and 72% of consumers stated that they would use their mortgage broker again or recommend them to a friend.
- Lastly, mortgage renewers were the most loyal percentage at 87% is this year.
Having consumer surveys in place such as the annual CMHC survey, is not only valuable to consumers but to the professionals that help them with big decisions like mortgages. If you have any questions concerning your real estate mortgage in Calgary or would like to schedule an appointment with a mortgage broker, call Tim Lacroix today at 403.648.1541.