The 2019 findings are in.
Canadians across the country were asked about their thoughts, attitudes and behaviours about and the process of buying a home in the annual Mortgage Consumer Survey and this is what they said.
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 home buyers who spent the maximum amount they could afford. The cost of becoming a homeowner is at the top of Canadians’ “must-haves”:
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 home buyers don’t expect interest rates to rise in the next year – up from just 20% in 2018. More than 8 out of 10 home buyers also feel confident that buying a home is a sound long-term investment.
The majority of home buyers 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 home buyers 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 home buyers received a follow-up call from their mortgage professional. Hmmm a lesson to be learned. Always stay in touch with clients!