The 2010 Mortgage Consumer Survey , released today by Canada Mortgage and Housing Corporation (CMHC), shows that the Internet has become an important resource for first-time homebuyers with 89 per cent indicating that they looked online for mortgage-related information, while 84 per cent researched mortgage terms and conditions before deciding on a mortgage option.
Additionally, more than two-thirds (69 per cent) of first-time homebuyers used an online calculator to compare different options when shopping for a home. As a result, 85 per cent of first-time homebuyers noted they had a good understanding of the size of mortgage they could afford before buying a home, with the average Canadian homebuyer taking 12 months to plan their purchase.
“Canadians confirmed that they take the time to do research prior to buying a home,” said Pierre Serré, CMHC Vice-President, Insurance Product and Business Development. “Informed homebuyers contribute to the continued strength of Canada’s housing system.”
The survey noted that 81 per cent of recent homebuyers indicate that they are comfortable with the level of their current mortgage debt.
More than two-thirds (68 per cent)of recent homebuyers feel there is a strong chance they will pay off their mortgage sooner than required and more than a quarter (27 per cent) have already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments.
CMHC April 26, 2010