November 13, 2015
CMHC’s 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
- 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.
- 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