November 13, 2015

CMHC’s 2015 First-Time Homebuyers Survey

View the 2015 First-Time Homebuyers Survey

In April 2015, CMHC completed an online survey of 788 First-Time Buyers from across Canada. All respondents had undertaken a mortgage transaction in the past 12 months and all were one of the prime decision-makers within their household for matters relating to housing finance and mortgages.

The Hunt for a First Home and Mortgage

First-Time Buyers Use Online Resources and Engage in Mortgage Shopping

Websites visited
  • The majority of First-Time Buyers (83%) looked to online sources when gathering information about mortgage options and features. Among these,
    • about 53% went to lender sites,
    • 31% went to broker sites,
    • 36% went to Real estate agency sites.
  • When looking for a lender or mortgage broker website, First-Time Buyers relied on several sources:
    • 70% used an Internet search engine such as Google
    • 66% relied on a referral from family/friends.
  • Online Activities
  • Most First-Time Buyers (84%) reported using an online mortgage calculator. Other popular online activities included comparing other mortgage products (73%), conducting a financial self-assessment (63%) or researching other financial (non-mortgage) products (57%).
  • 42% reported getting pre-approved for a mortgage online.
  • The use of social media to look for mortgage information is still more prevalent among First-Time Buyers than among other mortgage consumers, with Facebook, forums and blogs being the most commonly used platforms.
  • 26% used a mobile device to access mortgage related information.

First-Time Buyers are Most Influenced by Family Members and Real Estate Agents

  • First-Time Buyers interacted with a variety of people when looking for their home:
    • 76% looked to a family member for advice (76%),
    • 72% consulted a real estate agent,
    • 70% a mortgage lender, and
    • About 56% reported interacting with a mortgage broker.
  • First-Time Buyers were influenced during the home buying process by:
    • a family member (34%),
    • a real estate agent (20%),
    • a mortgage broker (14%), and
    • a lender (11%).

Key reasons for family members being viewed as most influential include trustworthiness (71%) and knowledge (55%).

Read the full survey results

Canada

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