CHMC Mortgage Survey

Are you curious to know what is going on in the mortgage industry? Check out these interesting statistics from the annual survey produced from CMHC.

71%: of consumers researched mortgages online, up from 65% in 2011. (Somewhere down the line we'll see this number in the 90% range.)

86%: of those researching mortgages online search for interest rates. (Rates are the #1 mortgage research topic. No surprise.)

61%: of buyers reported receiving explanations about the impact of mortgage prepayments and the effect of rising interest rates during their information and mortgage selection process.

71%: of consumers who went online used a mortgage calculator.

20%: of first-time buyers used social media (up from just 3% in 2010).

43%: of social media users used the interactive nature of social media either to solicit opinions or to provide answers to other mortgage consumers.
27%: of mortgage consumers used a mortgage broker to arrange their mortgage in 2012, vs. 23% in 2011.

46%: of consumers were contacted by their mortgage professional after their mortgage closed.

77%: of those using the services of a broker said they were satisfied with their experience.

1.9: the average number of brokers that recent buyers contacted in order to learn about mortgage options.

2.7: the average number of lenders that recent buyers contacted in order to learn about mortgage options.


34: the average age of a first-time homebuyer. The survey also found that first-time buyers have a:
higher incidence of using a mortgage broker
lower level of lender loyalty
higher incidence of using online resources for mortgage research
higher use of social media, and
greater time spent doing mortgage research.

5 weeks: the average time mortgage consumers spend doing research before making a mortgage product decision. First-time buyers spend an average of eight weeks.


We find these facts very interesting and can shed some light on the growth of the mortgage industry. For more detail and further information check out the full survey at
http://www.canadianmortgagetrends.com/files/cmhc-mortgage-consumer-survey-2012-1.pdf