An inside glimpse at homebuyer habits

by Justin da Rosa on 07 Jun 2017
A comprehensive new study focuses on home buyer habits. This is what agents need to know.

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.

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