June 23, 2015

CMHC 2015 Mortgage Consumer Survey

Online Mortgage Information Gathering

  • Online research continues to be the most popular way to gather mortgage information, with 78% of mortgage consumers looking to various online sources to find out about mortgage options and features.
  • Among those going online, 56% went to lender websites, 24% to broker websites, and 15% went to both lender and broker websites. When looking for lender and broker websites, two-thirds used an Internet search engine, such as Google. A large majority also simply visited their current lender website (69%), while 47% went directly to their broker website. A significant number also relied on referrals from family and friends, 49% among those looking for broker websites and 43% for lender websites. Only about one-in-four mortgage consumers reported that they found their lender website (23%) or broker website (28%) through online advertising.
  • As in previous years, the majority of mortgage consumers who went online used a mortgage calculator (70%). Half (51%) used a calculator from a lender website, followed by 16% from a broker website. Other sources of online calculators included CMHC (15%), and real estate agents or financial planners (both at 13% respectively). The most popular use of online calculators included determining mortgage payments (62%), while about a third used a mortgage comparison calculator (35%), or a mortgage affordability calculator (34%).
  • The use of social media to gather mortgage information remains stable at 20%. Facebook (53%), blogs (27%) and forums (26%) continue to be the most popular platforms among those looking to social media. Platforms that mortgage consumers rated as “very useful” include online forums (40%), LinkedIn (37%), and YouTube (36%).
  • Accessing online mortgage information through mobile devices is still in the early stages of adoption. Only 17% of mortgage consumers reported using a mobile device. However, among mobile users, tablets are the most common device used (58%).
  • Among those using a mobile device, 22% used a mortgage related app. In 43% of the cases, the app was provided by a lender while 30% used an app provided by a broker. Over half (53%) of all apps accessed featured a mortgage calculator.

See the complete 2015 Mortgage Consumer Survey report

Canada

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