The Canada Mortgage and Housing Corporation released its annual Mortgage Consumer study Tuesday, which is based on a survey of 3,002 recent mortgage consumers.
It aimed to hone in on buying trends – many of which go a long way in helping agents better understand potential customers.
Like the fact that the majority of recent buyers – 64% -- are all too familiar with having to rent (and, indeed, pay for someone else’s mortgage) before buying.
Among recent buyers, 33% claim low rates as the impetus for taking the plunge into home ownership.
Perhaps most interestingly, the vast majority of recent buyers cite real estate agents as a leading source of information on the process.
“Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent reported interacting with a mortgage broker,” the CMHC report says. “Of all interactions, real estate agents were noted as most valuable.”
Another interesting note from the study: It’s suggested that recent home buyers could benefit from the knowledge of agents when it comes to mortgage policy.
“Fifty-three percent of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision,” the report says. “For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a different location, and 3% delayed their purchase.”
To read the report in its entirely, click here
A comprehensive new study focuses on home buyer habits. This is what agents need to know.