The 2019 findings are in. We asked Canadians across the country their thoughts, attitudes and behaviours about homeownership and the process of buying a home and this is what they told us.
Key findings from our annual Mortgage Consumer Survey include:
Affordability continues to be the most important factor when it comes to buying a home.
One of the biggest stories of 2019 was the dramatic decrease in the number of homebuyers who spent the maximum amount they could afford. The cost of becoming a homeowner is at the top of Canadians’ “must-haves”:
- Price / affordability (80%)
- Number of rooms (73%)
- Proximity to public transit (67%)
The majority of Canadians are aware of the mortgage qualification rules (“stress test”).
In fact, 65% of buyers said they believe the new mortgage qualification “stress test” will keep more Canadians from taking on a mortgage they can’t afford.
Despite debt levels, consumer optimism is on the rise.
Nearly one third of homebuyers don’t expect interest rates to rise in the next year – up from just 20% in 2018. More than 8 out of 10 homebuyers also feel confident that buying a home is a sound long-term investment.
The majority of homebuyers have a positive attitude towards the idea of buying a home.
Close to 9 out of 10 buyers were “happy” or “excited” about buying a home. However, more than one third also said that buying a home made them feel “stressed.”
Most homebuyers are satisfied with their experience with their lender or mortgage broker.
The top reason for selecting a lender or broker is the interest rate offered. Despite high satisfaction levels, only less than half of homebuyers received a follow-up call from their mortgage professional.
Find out if you’re in agreement with CMHC’s 2019 CMHC Mortgage Consumer Survey — download your copy today.